Using your microeconomics knowledge analyse the nature of the oil industry. Additionally, determine if OPEC is a successful or well-functioning cartel that is able to influence oil pric es.?

Microeconomics assignment

The finance Ministry is concerned about increasing oil prices which affects the country as a net importer of oil.
Using your microeconomics knowledge analyse the nature of the oil industry. Additionally, determine if OPEC is a successful or well-functioning cartel that is able to influence oil pric es.? 30%