HISTORY
HISTORY OF THE MIDDLE EAST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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ISIS
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OPEC
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PLO
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None of the above
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Detailed explanation-1: -The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
Detailed explanation-2: -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-3: -Iraq will reduce its production by 211, 000 bpd, according to an official statement. The UAE said it would cut production by 144, 000 bpd, Kuwait announced a cut of 128, 000 bpd while Oman announced a cut of 40, 000 bpd and Algeria said it would cut its output by 48, 000 bpd. Kazakhstan will also cut output by 78, 000 bpd.
Detailed explanation-4: -OPEC Present Members include Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Indonesia, Libya, UAE, Algeria and Nigeria.