OPEC has tried to restrict the total supply of crude oil from its member countries to keep the world price at a ‘reasonable’ level. Suppose it now aims for a higher world price per barrel. (a) How...

OPEC has tried to restrict the total supply of crude oil from its member countries to keep the world price at a ‘reasonable’ level. Suppose it now aims for a higher world price per barrel. (a) How might it achieve this new target? (b) What problems might OPEC encounter in trying to achieve this higher oil price?