OPEC

Where are most of the countries of OPEC located?

• Africa
• South American
• North American
• Southwest Asia

Why was OPEC created?

• To regulate the supply and price of oil
• to help the Palestinians in their problems with Israel
• to design new machinery to get oil out of the ground
• to keep countries that are not members from producing any oil

What happens to the price of oil when OPEC countries decide to limit production?

• prices rise
• Prices Drop
• prices stay the same
• oil stops being sold

How do Iran and Saudi Arabia benefit from belonging to the Organization of Petroleum Exporting Countries (OPEC)?

• OPEC keeps the price of oil high on the world market
• Countries in OPEC are able to share water resources with each other
• The organization sets up tariffs to protect Southwest Asian manufacturing
• OPEC makes it possible for Southwest Asian countries to buy oil at low prices

What country consumes more oil than they produce?

• Iran
• USA
• Kuwait
• Saudi Arabia

What is the major natural resource of the Middle East?

• Diamonds
• Apples
• Gold
• Oil

Which industry does the government of Saudi Arabia heavily control?

• oil
• technology
• agriultural
• textile manufacturing

What happens to the price of oil when OPEC countries decide to limit production?

• prices rise
• prices drop

What does OPEC stand for?

• Organization of Petroleum Excelling Countries

• Oil Producing of the Equilibrium Countries

• Organization of Petroleum Exporting Countries

• Oil, Petroleum, and Excellent Countries

Which group has been an example for successfully determining the amount and price of a world-wide commodity?

• The European Union

• World Trade Organization

• North Atlantic Treaty Organization

• Organization of Petroleum Exporting Countries