DEVELOPMENT IN MIDDLE EAST
DEMOCRATIC REFORMS IN MIDDLE EAST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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give people cheap gold
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allow people to travel
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control the production and price of oil
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locate the use of oil
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Detailed explanation-1: -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-2: -In 2021, OPEC estimated that its member countries accounted for more than 80% of the world’s proven oil reserves. Because of the group’s large market share, its decisions influence global prices. Its members meet regularly to coordinate how much crude oil to sell collectively on global markets.
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: -OPEC+ regulates the supply of oil to influence the price of the commodity on the world market. The group can achieve this by coordinating supply cuts when the price is deemed too low and supply increases when its members believe prices are too high.