If opec decided to cut oil production for the coming year, what would be the most likely effect? a) prices would not change b) oil prices would probably rise c) oil prices would probably decline d) the price for substitute products would decline

B) oil prices would probably rise

Explanation:

The Organization of Petroleum Exporting Countries (OPEC) is an international organization founded in Baghdad, Iraq, in 1960. It is currently composed of 14 countries, of which 5 are founding members (Saudi Arabia, Kuwait, Iran, Iraq and Venezuela). Since 1965 it has been based in Vienna, Austria. Constituted on the initiative of the Government of Venezuela, chaired by Rómulo Betancourt, and the then president of Iraq, Muhammad Najib ar-Ruba'i, in response to the concentration of political and economic power of the United States as the main producer and consumer of oil world in the postwar period.

OPEC "can have a big influence on the oil market, especially if it decides to reduce or increase its level of production." 43% of world oil production and 81% of world oil reserves are in OPEC member countries.

The answer this B)Oil prices would probably rise

Explanation:

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