OPEC and Petrocurrencies Overview

Iraq, Iran, Kuwait, Saudi Arabia, and Venezuela.

To coordinate and unify petroleum policies among Member Countries to secure fair and stable prices for petroleum producers.

Over 81%.

<p>Approximately 43%.</p> Signup and view all the answers

<p>Saudi Arabia and Venezuela.</p> Signup and view all the answers

<p>From 1969 to 1978.</p> Signup and view all the answers

<p>A strong currency widely used in international trade that a central bank is prepared to hold as part of its foreign exchange reserves.</p> Signup and view all the answers

<p>BP, Texaco, Chevron, ExxonMobil, Shell, TotalEnergies, and Eni.</p> Signup and view all the answers

<p>OPEC influenced the global economy by cutting oil exports to the United States, which led to skyrocketing oil prices and widespread economic suffering.</p> Signup and view all the answers

<p>The US embargo severely restricted Iran's ability to sell oil, affecting its economy and international relations.</p> Signup and view all the answers

<p>Saudi Arabia undercut oil prices to hurt Iran's oil revenue, aiming to weaken its economy.</p> Signup and view all the answers

<p>Saddam Hussein attempted to shift Iraq's oil exports from the US dollar to the euro.</p> Signup and view all the answers

<p>Muammar Ghaddafi opposed the petrodollar system, claiming it gave the US an unfair advantage in the global economy.</p> Signup and view all the answers

<p>The consequence was a significant spike in global oil prices, causing economic hardships worldwide.</p> Signup and view all the answers

<p>Iraq focused on using euros for oil export payments through the UN's oil-for-food program.</p> Signup and view all the answers

<p>Countries in OPEC leverage oil as a tool to influence economic and political decisions globally.</p> Signup and view all the answers

<p>ARAMCO (Arabian American Oil Company)</p> Signup and view all the answers

<p>17 percent</p> Signup and view all the answers

<p>Oil, gold, coal, and other minerals</p> Signup and view all the answers

<p>Hyperinflation</p> Signup and view all the answers

<p>Introducing a unified oil currency for Africa</p> Signup and view all the answers

<p>Iran's OPEC membership gives it power in production, marketing, and distribution decisions.</p> Signup and view all the answers

<p>Efficiency problems and corruption</p> Signup and view all the answers

<p>Economic independence</p> Signup and view all the answers

<p>Capital is defined as wealth in the form of money or other assets owned by an individual or organization, or available for purposes like starting a company or investing.</p> Signup and view all the answers

<p>Volatility refers to the potential for rapid and unpredictable changes in economic conditions, often leading to instability and uncertainty in markets.</p> Signup and view all the answers

<p>The primary aim of monetary policy is to control a nation's overall money supply and achieve economic growth.</p> Signup and view all the answers

<p>An embargo is an official ban on trade or commercial activity with a specific country.</p> Signup and view all the answers

<p>Weapons of Mass Destruction (WMD) are defined as weapons that can cause significant harm or fatalities to large groups of people, such as nuclear, chemical, or biological weapons.</p> Signup and view all the answers

<p>The demand for oil can significantly influence a country's currency value, as it determines economic worth and reduces reliance on foreign currency policies.</p> Signup and view all the answers

<p>Production quotas are goals set for the quantity of a good to produce, which can either encourage higher production or restrict it to maintain certain price levels.</p> Signup and view all the answers

<p>A petrocurrency is a currency of an oil-producing nation that fluctuates in value based on the price of oil, which forms a significant portion of its total exports.</p> Signup and view all the answers

<p>Due to ongoing economic crises and rising energy costs, along with inflation affecting the US dollar.</p> Signup and view all the answers

<p>Kuwait converts US dollars to Kuwaiti dinars instantly during transactions, keeping demand for its currency high.</p> Signup and view all the answers

<p>It could severely affect the US dollar and create a domino effect among Gulf states given Saudi Arabia's significance as the largest oil producer.</p> Signup and view all the answers

<p>The attack caused a massive supply shock and led to a spike in oil prices, negatively impacting the global economy.</p> Signup and view all the answers

<p>Saudi Arabia is a founding member and the largest oil exporter, significantly influencing the cartel's production quotas and pricing decisions.</p> Signup and view all the answers

<p>It underscores the power and danger of the global oil market and the necessity of securing oil infrastructure.</p> Signup and view all the answers

<p>Shifting away from the US dollar could destabilize existing financial norms and alter trade dynamics globally.</p> Signup and view all the answers

<p>Inflation erodes the value of the US dollar, prompting OPEC countries to seek alternative currencies for greater economic stability.</p> Signup and view all the answers

<p>Ghaddafi argues that the US has created an economic system where developing countries are impoverished while the US benefits at their expense.</p> Signup and view all the answers

<p>Ghaddafi proposed creating a new, unified African currency to undermine the petrodollar system.</p> Signup and view all the answers

<p>Ghaddafi called for a boycott of US-based banks, international financial organizations, and multinational corporations.</p> Signup and view all the answers

<p>Mosaddegh was overthrown due to the US and British desire to regain access to Iranian oil after he nationalized the industry.</p> Signup and view all the answers

<p>The petrodollar system was established, which involved oil-producing countries being paid for oil in U.S. dollars.</p> Signup and view all the answers

<p>Venezuela attempted to sell oil in bolivar to reduce reliance on the US dollar, prompting intense US sanctions.</p> Signup and view all the answers

<p>The economic sanctions led to hyperinflation and the emergence of black markets, causing significant turmoil in the country.</p> Signup and view all the answers

<p>The Anglo-Iranian Oil Company represented foreign exploitation of Iranian resources, which Mosaddegh sought to end through nationalization.</p> Signup and view all the answers