Abstract
The issue of regulating crude oil production is mentioned in OPEC's very first Resolution, even though it took more than two decades before such a policy was implemented. Since 1982, however, it has been the practice to have a production agreement in place, normally with an overall ceiling for the Organization and individual quotas for Member Countries. OPEC's production agreements have existed side–by–side with OPEC's reference prices. The criteria for quota allocations have recently been examined in depth at OPEC's Secretariat. A detailed listing of OPEC's production agreements since 1982 is provided.
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