POST COLD WAR WORLD
GLOBAL ISSUES SINCE 1991
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
End the power of China over oil production and prices world-wide
|
|
|
End the power of Syria in their control over regional oil deposits
|
|
|
End the power of the Soviet Union (now Russia) in their control of oil prices
|
|
|
End the power of western oil companies over oil prices
|
Detailed explanation-1: -OPEC aims to regulate the supply of oil in order to set the price on the world market. The arrival of fracking technology for natural gas in the U.S. has reduced OPEC’s ability to control the world market. The organization was established in 1960 by its founding members Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
Detailed explanation-2: -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. They were to become the Founder Members of the Organization.
Detailed explanation-3: -Organization of the Petroleum Exporting Countries (OPEC) OPEC is a permanent, intergovernmental organization (IGO) created at the Baghdad Conference on September 10-14, 1960.
Detailed explanation-4: -What Is the Purpose of OPEC? The main purpose of OPEC is to coordinate and unify the oil, gas, and energy policies of its member countries. This is done to stabilize the international oil market and secure fair and stable prices for energy producers in the member countries.