OPEC: History and Objectives

The video tutorial introduces OPEC, the Organization of the Petroleum Exporting Countries, detailing its formation in 1960 by founding members Iran, Iraq, Saudi Arabia, and Venezuela. It discusses the membership changes, including Qatar and Indonesia's terminations, and lists current member countries. The headquarters' history is covered, moving from Geneva to Vienna. The video explains OPEC's objectives to stabilize oil prices and ensure fair returns for member countries, highlighting the shift in control from the US and UK to oil-producing nations.

What does OPEC stand for?

• Oil and Petroleum Exporting Council

• Organization of Petroleum and Energy Countries

• Oil Producing and Exporting Countries

• Organization of the Petroleum Exporting Countries

Which countries were the founding members of OPEC?

• Iran, Iraq, Saudi Arabia, Venezuela

• Iran, Iraq, Kuwait, UAE

• Saudi Arabia, Venezuela, Nigeria, Libya

• USA, UK, Saudi Arabia, Venezuela

Where is the current headquarters of OPEC located?

• Geneva, Switzerland

• Vienna, Austria

• Dubai, UAE

• Riyadh, Saudi Arabia

Which country had its OPEC membership terminated in 2019?

• Indonesia

• Libya

• Qatar

• Ecuador

What is one of the main objectives of OPEC?

• To reduce oil consumption

• To eliminate oil exports

• To increase oil production

• To stabilize oil prices

Before OPEC's formation, which countries controlled the oil industry?

• Iran and Iraq

• USA and UK

• Saudi Arabia and UAE

• Russia and China

How does OPEC aim to impact the international oil market?

• By increasing oil prices

• By stabilizing oil prices

• By eliminating oil imports

• By reducing oil production

What is a key reason for OPEC's formation?

• To control global oil reserves

• To ensure fair returns for member countries

• To increase oil exports

• To reduce oil consumption

Which of the following is NOT a member of OPEC?

• Libya

• Angola

• Ecuador

• Indonesia

What will be covered in the next video?

• Global oil consumption

• More about OPEC

• A different topic

• Oil production techniques