GK
INTERNATIONAL ORGANISATIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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OPEC is an acronym for:
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Oil Producing Economic Countries
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Organization of Petroleum Exporting Countries
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Organization of Pacific Economic Cooperation
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Oil, Petroleum, and Energy Countries
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Explanation:
Detailed explanation-1: -The Organization of Petroleum Exporting Countries is an example of an international cartel. The organization was created at a conference in Baghdad, Iraq on September 10th-14th, 1960.
Detailed explanation-2: -OPEC has 13 members: Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates, and Venezuela. Ten non-OPEC nations joined OPEC to form OPEC+ in late 2016 to have more control on the global crude oil market.
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