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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commands the loyalty of the worldwide Islamic community
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develops and exports important technology
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controls access to trade routes between the East and West
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Manages the oil supply that affects the global economy
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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: -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-3: -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-4: -The Organization of the Petroleum Exporting Countries (OPEC) and the broader coalition known as OPEC+ leverage their countries’ dominant market position to exert a strong influence over global oil prices.