OPEC Organization and History

To manage the supply of oil, stabilise the price of oil, and ensure profitability for member states

Because oil and its derivatives will still be needed in the future, and OPEC will continue to remain the most important supplier of oil for the energy industry

By reducing supply to keep prices high, or adding supplies to the market to lower prices

<p>It is the world's largest oil producer</p> Signup and view all the answers

<p>It plays a significant role, being the world's second-largest oil producer</p> Signup and view all the answers

<p>It has the largest oil reserves in the world</p> Signup and view all the answers

<p>The primary objectives of the G20 include creating policies for international financial stability and addressing global issues requiring the cooperation of several countries. Some of the global issues it addresses include global security, the increasing role of Asian economies, sustainable development, anti-corruption, and climate change mitigation.</p> Signup and view all the answers

<p>The OECD is an international organisation where the governments of 38 countries work to develop policies for sustainable growth, equality, opportunities, and well-being for all. It is funded by its member countries, with contributions based on the size of each member's economy.</p> Signup and view all the answers

<p>The OECD has made significant contributions in areas such as improving education systems, promoting local and regional development, combating international tax avoidance, promoting health and safety, and guiding economic reforms.</p> Signup and view all the answers

<p>The G20 is often criticized for not being transparent, as it does not have a charter and meetings are usually held behind closed doors. 171 countries are not represented in the G20.</p> Signup and view all the answers

<p>The precursor to the OECD was the Organisation for European Economic Co-operation (OEEC), which was formed to help rebuild Europe after World War II. The OECD came into being in December 1960, recognizing the continued need for cooperation between countries.</p> Signup and view all the answers

<p>The OECD produces guidelines for multinational enterprises, including those related to ethical supply chains and incorporating social and environmental considerations into standard business practice. The goal is to promote responsible business conduct.</p> Signup and view all the answers

<p>more than 60%</p> Signup and view all the answers

<p>To discuss global economic concerns, issues of global governance, addressing financial crises, and international security and global health crises</p> Signup and view all the answers

<p>The G20 represents about 85% of gross world product (GWP) and 75% of international trade</p> Signup and view all the answers

<p>Due to its annexation of Crimea</p> Signup and view all the answers

<p>The G7 consists of industrialised and high-income countries, while the G20 represents a mix of the world's largest economies and emerging nations</p> Signup and view all the answers

<p>To hold influence over international affairs and have major impacts on economic, political, and social landscapes</p> Signup and view all the answers