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How does OPEC set oil prices?

April 26, 2017Oil opec prices

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How does OPEC set oil prices?

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OPEC does not “set” oil prices. OPEC manipulates the free market price of crude oil by setting caps on the oil production of its member countries. Twice each year, ministers from each OPEC country meet in Vienna, Austria to review the status of the international oil market and to forecast the future oil demands in order to agree upon an appropriate crude oil production level.