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How the following factors may contribute to the difficulty

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Please explain how the following factors may contribute to the difficulty of forming and/or maintaining OPEC's price and output agreements?

  • New oil fields are discovered and increased drilling is undertaken in the Gulf of Mexico and the North Sea by non-members of OPEC.
  • Crude oil is a product that is differentiated by sulfur content. It costs less to refine low-sulfur crude oil into gasoline. Different OPEC countries possess oil reserves of different sulfur content.
  • Cars powered by hydrogen are developed.

Reference no: EM132066239

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