Questions and Answers
What does OPEC stand for?
What is the role of OPEC?
Coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets.
Where and when was OPEC created?
At the Baghdad Conference in September 1960.
Currently, the Organization has a total of 12 Member Countries. One of them is _____
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Which country produces the most oil in the world?
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Study Notes
OPEC Overview
- OPEC stands for Organization of the Petroleum Exporting Countries.
- It was established to coordinate petroleum policies among member nations for stability in oil markets.
Role of OPEC
- Aims to unify and coordinate the petroleum policies of member countries.
- Strives for stabilization of oil markets to ensure efficient and regular petroleum supply to consumers.
- Seeks to provide steady income for oil producers and fair returns for investors in the petroleum sector.
Establishment of OPEC
- Founded during the Baghdad Conference in September 1960.
- Initial member countries included Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
Current Member Countries
- OPEC currently comprises 12 member nations, which are:
- Algeria
- Angola
- Ecuador
- Iran
- Iraq
- Kuwait
- Libya
- Nigeria
- Qatar
- Saudi Arabia
- United Arab Emirates
- Venezuela
Top Oil-Producing Country
- Saudi Arabia holds the title for the highest oil production globally.
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Description
Test your knowledge on OPEC with these flashcards. Each card covers essential terms and definitions related to the Organization of the Petroleum Exporting Countries, its role, and its impact on global oil markets. Perfect for students and professionals looking to enhance their understanding of petroleum policies.
