ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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OPEC
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OEPC
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EOPC
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OCPE
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Detailed explanation-1: -OPEC is an organization that controls petroleum production, supplies, and prices in the global market. The group was established in 1960 and is made up of 13 different oil-producing companies.
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: -Its members meet regularly to coordinate how much crude oil to sell collectively on global markets. “OPEC+ tailors supply and demand to balance the market, ” Kate Dourian of UK industry body the Energy Institute told the BBC. “They keep prices high by lowering supplies when the demand for oil slumps."
Detailed explanation-4: -OPEC produced approximately 37.9 percent of the world’s total crude oil in 2021.