1.Read the following paragraphs to answer the question Why cartels like OPEC fail to reach to consensus on price and quantity? Use graphs to explain your answer. (10 Marks)

OPEC+ kept up the pressure on Nigeria and Iraq to stop cheating on their crude-production targets, emphasizing the need for all members to stick closely to their agreement because the market recovery remains fragile.

Saudi Energy Minister Prince Abdulaziz bin Salman and his Russian counterpart Alexander Novak hailed the rebound in oil prices and demand, but repeatedly urged their allies in a video conference not to ease off their output curbs.

"Work still needs to be done and I urge you all not to relax the efforts of the past three months," Prince Abdulaziz said in his opening speech. "We should strive to achieve full adherence to our agreement."

The Organization of Petroleum Exporting Countries and its partners slashed output earlier this year when global lockdowns inflicted the biggest oil-demand collapse in history. Their sacrifices paid off, turning around a market that at its trough saw prices in New York crash below zero.

Brent crude futures are trading near $45 a barrel, triple the levels of late April. The effort has thrown a lifeline not only to the economies of OPEC+ members, but international companies like BP Plc and Exxon Mobil Corp. (Source: Bloomberg 2020)

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