ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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to regulate the supply and price of oil
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to design new machinery to produce oil
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to help the Palestinians
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to keep non-member countries from producing any oil
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Detailed explanation-1: -OPEC aims to regulate the supply of oil in order to set the price on the world market. The arrival of fracking technology for natural gas in the U.S. has reduced OPEC’s ability to control the world market. The organization was established in 1960 by its founding members Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
Detailed explanation-2: -OPEC’s objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.
Detailed explanation-3: -OPEC is trying to prop up oil prices as global demand slows down OPEC and its allies plan to slash oil output by 2 million barrels a day to prop up oil prices. Gasoline prices are rising again in the U.S., but the effects vary in different parts of the country.
Detailed explanation-4: -OPEC produces about 40% of the world’s crude oil and its members’ exports make up around 60% of global petroleum trade. The group aims to regulate global oil prices by coordinating on reductions or increases in production.
Detailed explanation-5: -Organization of the Petroleum Exporting Countries (OPEC) OPEC is a permanent, intergovernmental organization (IGO) created at the Baghdad Conference on September 10-14, 1960.