The Organization of Petroleum Exporting Countries?
If OPEC were to cut back production 10 percent to hold prices at $15 a barrel, how much money would each nation make? Production of oil- Saudi Arabia-1,000,000 barrels Gabon-500,000 barrels Cost of production- Saudi Arabia- $1.00/barrel Gabon- $13.50/barrel
Economics - 1 Answers
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Saudi: ($15-$1)*1000000=$14,000,000 Gabon: (15-13.5)*500000=$750,000
