2019
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Ecuador
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Brazil
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Venezuela
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Chile
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Detailed explanation-1: -Current OPEC members are Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia, the United Arab Emirates and Venezuela. Meanwhile, Ecuador, Indonesia and Qatar are former OPEC members.
Detailed explanation-2: -Ecuador suspended its OPEC membership from 1992 until 2007, while Indonesia suspended its membership beginning in 2009 and briefly rejoined in 2016. Qatar, during a prolonged blockade implemented by other OPEC countries, terminated its membership in January 2019 to focus on natural gas production.
Detailed explanation-3: -The advent of new technology, especially fracking in the United States, has had a major effect on worldwide oil prices and has lessened OPEC’s influence on the markets. As a result, worldwide oil production increased and prices dropped significantly, leaving OPEC in a delicate position.
Detailed explanation-4: -This means that, currently, the Organization has a total of 13 Member Countries.