HISTORY
HISTORY OF THE MIDDLE EAST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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give people cheap gold
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allow people to travel
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control the production and price of oil
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locate the use of oil
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Detailed explanation-1: -OPEC aims to regulate the supply of oil in order to set the price on the world market. The arrival of fracking technology for natural gas in the U.S. has reduced OPEC’s ability to control the world market. The organization was established in 1960 by its founding members Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
Detailed explanation-2: -Petroleum prices are determined by market forces of supply and demand, not individual companies, and the price of crude oil is the primary determinant of the price we pay at the pump.
Detailed explanation-3: -According to current estimates, 80.4% (1, 241.82 billion barrels) of the world’s proven oil reserves are located in OPEC Member Countries, with the bulk of OPEC oil reserves in the Middle East, amounting to 67.1% of the OPEC total.
Detailed explanation-4: -What is the role of OPEC? coordinate and unify the petroleum policies of its Member Countries and stabilize oil markets in order to secure a regular supply of petroleum to consumers and a steady income to producers and a fair return on capital for those investing in the petroleum industry.