Benefitted from membership:

OPEC member countries have benefitted from their membership of the organization in the following ways:

i. Earning reasonable prices on per barrel of oil due to the regulation of their export volume by OPEC.

ii. Through research activities carried out at OPEC's headquarters in Vienna, modern technologies have evolved resulting in efficient exploitation and extensive exploration of oil.

iii. Enjoying increased revenue from sales of her crude oil, especially whenever her quota is increased by the organization. The major problems of OPEC include:

i. Non-compliance of members to the export quota dictated by OPEC leading to over-production and the decline in prices and their revenues.

ii. The production and market strategies of independent non OPEC oil exporting countries have always tended to undermine OPEC's resolutions.