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You learnt thatthe Organization of Petroleum Exporting Countries (OPEC) decided to reduce the supply of oil by 9.7 million barrels per day from May 2020.

You learnt thatthe Organization of Petroleum Exporting Countries (OPEC) decided to reduce the supply of oil by 9.7 million barrels per day from May 2020. In this context, answer the following questions.

Name and describe the phenomenon which involves such joint decision-making. What are its advantages and disadvantages?

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