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QUESTION

The Organization of Petroleum Exporting Countries (OPEC) is an international cartel of a group of large oil exporting countries.

The Organization of Petroleum Exporting Countries (OPEC) is an international cartel of a group of large oil exporting countries. It tries to control the price by keeping a check on the amount of crude oil produced by its member states. Is its effect on the crude oil market a harmful or a desirable act?

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