OPEC countries limit oil production to prevent price decreases and maintain profits, impacting global oil prices.
OPEC countries avoid producing too much oil at one time primarily because they are concerned that too much production will lead to a decrease in oil prices, resulting in lower profits. By controlling the supply of oil, they aim to influence and stabilize oil prices in the global market. For example, in 1973 and 1974, when OPEC reduced oil sales, it caused oil prices to spike, showing the impact of supply manipulation on prices.
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