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A voluntary export restraint (VER) or voluntary export restriction is a measure by which the government or an industry in the importing country arranges with the government or the competing industry in the exporting country for a restriction on the volume of the latter's exports of one or more products.
The Organization of the Petroleum Exporting Countries (OPEC) is a key example of an organization that uses production quotas. The 14 member states set a production quota for crude oil . This "maintains" the cost of crude oil per barrel in world markets.
Voluntary exchange is the act of buyers and sellers freely and willingly engaging in market transactions. [ citation needed ] Voluntary exchange is a fundamental assumption in classical economics and neoclassical economics which forms the basis of contemporary mainstream economics . [ 1 ]
The Organization of Oil Exporting Countries -- better known as OPEC -- has been a dominant player in the oil market since it was formed in 1960. The 12 member countries have provided over 40% of ...
It is the world's most famous cartel. OPEC currently controls almost three quarters of the world's crude oil, a commodity that, as of right now, industrialized nations cannot do without. Ever ...
OPEC Conference delegates at Swissotel, Quito, Ecuador, December 2010. The OPEC Conference is the supreme authority of the organisation, and consists of delegations normally headed by the oil ministers of member countries. The chief executive of the organisation is the OPEC secretary general. The conference ordinarily meets at the Vienna ...
According to the theory of comparative advantage, trade barriers are detrimental to the world economy and decrease overall economic efficiency. Most trade barriers work on the same principle: the imposition of some sort of cost (money, time, bureaucracy, quota) on trade that raises the price or availability of the traded products.
Given that the OPEC member nations included Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela, the Fifth Circuit's opinion sited much case precedence and stated: “Such matters are so exclusively entrusted to the political branches of government as to be largely immune ...