A CARTEL IS DEFINED AS A FORMAL ORGANIZATION OF PRODUCERS THAT AGREE TO COORDINATE PRICES & PRODUCTION.

OPEC is an organization that comprises the world's most important oil-producing nations.

Research this and explain how OPEC fulfills the characteristics of a cartel.

Currently, the Organization comprises 15 Member Countries – namely Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, IR Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.

Member: Iran, Iraq, Ecuador

Place founded: Baghdad

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A CARTEL IS DEFINED AS A FORMAL ORGANIZATION OF PRODUCERS THAT AGREE TO COORDINATE PRICES & PRODUCTION. OPEC is an organization that comprises the world's most important oil-producing nations. Research this and explain how OPEC fulfills the characteristics of a cartel.

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A CARTEL IS DEFINED AS A FORMAL ORGANIZATION OF PRODUCERS THAT AGREE TO COORDINATE PRICES & PRODUCTION.

OPEC is an organization that comprises the world's most important oil-producing nations.

Research this and explain how OPEC fulfills the characteristics of a cartel.