HISTORY
HISTORY OF THE MIDDLE EAST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To Gain independence from Israel
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To launch an Islamic revolution through IRAN
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End Western domination of the oil industry
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To fund Arab nations in the Yom Kippur War
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Detailed explanation-1: -CONCERNS ABOUT WEAK GLOBAL DEMAND Russian deputy prime minister Alexander Novak said the Western banking crisis was one of the reasons behind the cut as well as “interference with market dynamics", a Russian expression to describe a Western price cap on Russian oil.
Detailed explanation-2: -The Organization of the Petroleum Exporting Countries Plus (OPEC+) is a loosely affiliated entity consisting of the 13 OPEC members and 10 of the world’s major non-OPEC oil-exporting nations. OPEC+ aims to regulate the supply of oil to set the price on the world market.
Detailed explanation-3: -Traders were paying money to get rid of oil. o Shortage of storage space forced OPEC to cut supply. Desired outcome of the supply cut was to increase oil price which has fallen into negatives due to record surplus due to worldwide lockdown.