The Beginning of the End for OPEC

The Beginning of the End for OPEC

Assessment

Interactive Video

Business, Architecture

University

Hard

Created by

Quizizz Content

FREE Resource

The video discusses the decline of OPEC, starting with the 1973 Arab oil embargo, which marked OPEC's peak influence. It highlights how high oil prices led to increased production and reduced consumption, diminishing OPEC's market share by the mid-1980s. The narrative fast-forwards to 2008, when oil prices peaked again due to Chinese demand, but the rise of shale oil in the US challenged OPEC's dominance. The current oil market is characterized by individual competition among producers, with geopolitical tensions further complicating OPEC's role.

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5 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was the primary reason for OPEC's significant influence during the 1973 oil embargo?

OPEC's investment in renewable energy

OPEC's collaboration with non-OPEC countries

OPEC's control over more than half of the world's oil production

OPEC's technological advancements

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How did global oil dynamics change by the mid-1980s?

Global oil demand decreased significantly

Oil prices remained stable

OPEC's market control decreased to less than 30%

OPEC increased its market share

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What event in 2008 marked a significant change in U.S. oil production?

A decrease in global oil demand

The resurgence of U.S. oil production due to shale resources

The discovery of new oil fields in the Middle East

A new oil embargo

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What challenge does OPEC face with the rise of shale oil production?

Shale oil is only available in limited regions

Shale oil has a lower environmental impact

Shale oil producers can quickly fill market gaps

Shale oil is more expensive to produce

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What internal issue is affecting OPEC's cohesion?

Technological disparities among members

Economic sanctions on all members

Conflicts between key members like Saudi Arabia and Iran

A unified strategy for renewable energy