GK
WORLD ORGANISATIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The United States would increase research for alternative fuels
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Oil prices in the United States would rise
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The United States would halt the sale of fuel to China
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Oil production in the United States would rise
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Detailed explanation-1: -The Organization of the Petroleum Exporting Countries is a cartel consisting of 13 of the world’s major oil-exporting nations. OPEC aims to regulate the supply of oil in order to set the price on the world market.
Detailed explanation-2: -The OPEC oil embargo was an event where the 12 countries that made up OPEC at the time stopped selling oil to the United States. The embargo sent gas prices through the roof. Between 1973 and 1974, prices more than quadrupled. The embargo contributed to stagflation.
Detailed explanation-3: -In 2021, OPEC estimated that its member countries accounted for more than 80% of the world’s proven oil reserves. Because of the group’s large market share, its decisions influence global prices. Its members meet regularly to coordinate how much crude oil to sell collectively on global markets.