HISTORY
HISTORY OF THE MIDDLE EAST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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They are the countries that establish how oil is to be used around the world.
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Only members of OPEC may export oil to other countries.
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The members are mainly responsible for setting the amount of oil produced and exported.
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OPEC is responsible for organizing trade routes to trace oil as it is shipped around the world.
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Detailed explanation-1: -During the 1973 Arab-Israeli War, Arab members of the Organization of Petroleum Exporting Countries (OPEC) imposed an embargo against the United States in retaliation for the U.S. decision to re-supply the Israeli military and to gain leverage in the post-war peace negotiations.
Detailed explanation-2: -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.
Detailed explanation-3: -It is responsible for the implementation of all resolutions passed by the Conference and carries out all decisions made by the Board of Governors. It also conducts research, the findings of which constitute key inputs in decision-making.
Detailed explanation-4: -OPEC, in full Organization of the Petroleum Exporting Countries, multinational organization that was established to coordinate the petroleum policies of its members and to provide member states with technical and economic aid.