COLD WAR ERA
IMPACT OF COLD WAR
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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coal
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sugar
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gold
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oil
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Detailed explanation-1: -OPEC is an organization that controls petroleum production, supplies, and prices in the global market.
Detailed explanation-2: -OPEC’s objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.
Detailed explanation-3: -Now, OPEC comprises 13 countries including some of the world’s largest oil-exporters. Many are in the Middle East. Together, they virtually control the whole world’s oil market.
Detailed explanation-4: -How does OPEC influence global oil prices? OPEC member states produce about 40% of the world’s oil, and their exports make up around 60% of global petroleum trade. In 2021, OPEC estimated that its member countries accounted for more than 80% of the world’s proven oil reserves.