Which of the following factors did NOT contribute to OPEC's increased influence in the oil market? A) The establishment of strong alliances between all member countries B) The high... Which of the following factors did NOT contribute to OPEC's increased influence in the oil market? A) The establishment of strong alliances between all member countries B) The high volume of oil reserves held by OPEC members C) The successful implementation of production quotas D) The increasing demand for oil due to global growth
Understand the Problem
The question is asking us to identify which factor listed did not contribute to OPEC's increased influence in the oil market. We need to analyze each option provided to determine its relevance to OPEC's influence.
Answer
The establishment of strong alliances between all member countries.
The factor that did not contribute to OPEC's increased influence in the oil market is the establishment of strong alliances between all member countries.
Answer for screen readers
The factor that did not contribute to OPEC's increased influence in the oil market is the establishment of strong alliances between all member countries.
More Information
OPEC's increased influence in the oil market is largely due to their ability to coordinate supply cuts and manage production quotas. The unity or strength of political alliances between member countries is generally not considered a significant factor in this context.
Tips
A common mistake is to assume that internal political alliances significantly impact OPEC's operational dynamics, whereas their influence is primarily economic.
Sources
- OPEC - Wikipedia - en.wikipedia.org
- OPEC's Influence on Global Oil Prices - Investopedia - investopedia.com
- U.S. STRATEGIC PETROLEUM RESERVE: RECENT POLICY HAS ... - govinfo.gov
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