The Middle East: All about OPEC

Which organization was created to manage petroleum prices in order to stabilize the world oil market?

• Countries with Oil for Sale (CWOFS)

• Organization of Petroleum Importing Countries (OPIC)

• Countries Selling Oil (CSO)

• Organization of Petroleum Exporting Countries (OPEC)

If OPEC reduces oil production​,​ ​ ​ ​ ​ (a)  

If OPEC increases oil production,​ ​ (b)  

• oil prices rise
• oil prices fall

What area in the world could be said to have a comparative advantage in oil production?

• African countries

• Middle East countries

• European countries

• North American countries

"The principal aim of the Organization shall be the coordination . . . of the petroleum policies of Member Countries and the determination of the best means for safeguarding their interests, individually and collectively".— Chapter 1, Article II of the OPEC Statute.

Based on the excerpt, what is the overall goal of OPEC's members?

• to reduce dependence on oil

• to work together on oil policies

• to increase oil production

• to raise the price of oil

Match the following

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

• Main natural resource of the middle east

• OPEC Countries around the world

• 
• Oil

• 5 Founding countries of OPEC

• Saudi Arabia

• largest and most-profitable oil exporter in the world

Which of the following organizations did Iraq, Iran, Kuwait, Saudi Arabia, and Venezuela found together?

• Organization of Petroleum Exporting Countries

• Organization for Economic Co-operation and Development

• International Trade Organization

• Economic Cooperation Organization

How MIGHT a war with a country that is a member of OPEC impact other countries?

• the sale of foreign cars decreases due to an increase in tariffs

• the automobile industry suffers due to a decrease in auto part exports

• pharmaceutical exports dip as a result of increased tensions

• gas prices may increase due to a rise in price of crude oil