Please explain how the following factors may contribute to the difficulty of forming and/or maintaining OPEC's price and output agreements?
- New oil fields are discovered and increased drilling is undertaken in the Gulf of Mexico and the North Sea by non-members of OPEC.
- Crude oil is a product that is differentiated by sulfur content. It costs less to refine low-sulfur crude oil into gasoline. Different OPEC countries possess oil reserves of different sulfur content.
- Cars powered by hydrogen are developed.