JAMB - Economics (2024 - No. 57)

Which of the following is NOT a major role of OPEC in production, and marketing of petroleum?
Stabilizing oil prices putting a production ceiling
Refining of petroleum products in member countries
Raising the revenue of member countries from oil through price increase
Ensuring efficient and regular supply of oil to the two market

Explanation

The refining of petroleum products is not a major role of OPEC (Organization of the Petroleum Exporting Countries) in the production and marketing of petroleum. OPEC primarily focuses on coordinating and unifying petroleum policies among its member countries, ensuring the efficient and regular supply of oil to the global market, raising the revenue of member countries through price increases, and stabilizing oil prices.

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