ECOLOGY
ENVIRONMENTAL ISSUES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Why does OPEC play a powerful role in the world economy today?
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OPEC membership includes many oil companies owned by firms in the United States
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OPEC builds dams along rivers shared by several countries
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This organization is part of the United Nations
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OPEC controls the price and supply of oil in the world market
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Explanation:
Detailed explanation-1: -OPEC member states produce about 40% of the world’s oil, and their exports make up around 60% of global petroleum trade. 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.
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