HISTORY
HISTORY OF THE MIDDLE EAST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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stabilize the market for oil.
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remove barriers to trade in oil.
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invest in new oil technologies.
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standardize tariffs on crude 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: -The Organization of the Petroleum Exporting Countries (OPEC, /ˈoʊpɛk/ OH-pek) is an organization enabling the co-operation of leading oil-producing countries, in order to collectively influence the global market and maximize profit.
Detailed explanation-3: -What are OPEC’s objectives? OPEC’s objectives are to unify the oil policies of member countries, in order to guarantee fair, stable prices for these petroleum-producing countries, efficient, economic, regular supply for consumers, and a fair return for those investing in the oil industry.
Detailed explanation-4: -The Organization of Petroleum Exporting Countries (OPEC) comprises 11 oil-exporting developing countries. It was founded in Baghdad, Iraq, in September 1960, to unify and coordinate members’ petroleum policies.