Anewspaper article referred to problems opec was having in affecting the world price of oil. the article noted that a key problem was opec's "inability to enforce internal production targets." an executive at an oil company was quoted as saying: "those [opec countries] crying about too much oil on the market, they could cut it off if they wanted to." source: james herron, "opec hamstrung by events beyond its control," wall street journal, june 17, 2012. opec tries to affect the world price of oil by
a. negotiating price agreements with countries that purchase oil.
b. limiting the demand for oil.
c. limiting the supply of oil.
d. fomenting sectarian wars in the middle east.
opec uses "internal production targets" to
a. ensure opec members have the same quality of oil.
b. provide good management information.
c. ensure opec members have the same cost.
d. set the supply quantity associated with the desired price.
the quote by the oil executive means that members of opec could
a. agree to higher prices which would cause consumption to fall.
b. negotiate with saudi arabia, iraq, and iran to lower production.
c. find new sources of oil such as through fracking shale deposits.
d. agree to lower their targeted production levels to increase price.