Why do the countries belonging to opec not want to produce too much oil at one time?

Since oil is in such high demand and many of these countries have economic problems, they banded together to create a cartel in 1960. OPEC members realized that if oil prices were too low, they would produce too much and not earn as much money. They also realized that if prices became too high, the overall world economy could be damaged and OPEC would not sell as much oil. BTW, A cartel is an agreement in which a group of producers try to influence the price of their good by limiting its supply.

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