HISTORY
HISTORY OF THE MIDDLE EAST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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North Atlantic Treaty Organization (NATO)
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United Nations (U.N.)
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The Organization of Petroleum Exporting Countries (OPEC)
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The United States of America (U.S.A)
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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: -OPEC can influence world oil supplies and prices The Organization of the Petroleum Exporting Countries (OPEC) can have a significant influence on oil prices by setting production targets for its members.
Detailed explanation-3: -What is Opec+? Opec+ is a group of 23 oil-exporting countries which meets regularly to decide how much crude oil to sell on the world market. At the core of this group are the 13 members of Opec (the Organization of the Oil Exporting Countries), which are mainly Middle Eastern and African countries.
Detailed explanation-4: -Rockefeller’s original Standard Oil monopoly. Oil-exporting countries were eventually motivated to form OPEC as a counterweight to this concentration of political and economic power.
Detailed explanation-5: -The Organization of the Petroleum Exporting Countries (OPEC) is a group of oil-rich countries that together control nearly 40 percent of the world’s oil supply.