The Organization of Petroleum Exporting Countries (OPEC) is made up of 12 developing countries. The countries that make up OPEC produce over 50% of the world's supply of crude oil. OPEC influences the world price of a barrel of crude oil by setting production quotas for each of its members. Discuss the problems inherent in setting and maintaining production quotas in a cartel like OPEC. How has changes in oil prices affected the economy of OPEC countries?
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