The founding member-states of the Organization of the Petroleum Exporting Countries believed that it was necessary to cooperate to influence the global market for crude oil
because that market is m
(4 Points)
an oligopoly, so producers are able to cooperate and set a high price for oil.
monopolistically competitive, so producers must produce the highest-quality oil.
a monopoly, so small producers must work together to break into the market for oil.
perfectly competitive, so power to influence is limited