OPEC Membership and Functions

The video tutorial discusses the Organization of Petroleum Exporting Countries (OPEC), highlighting its role as a major player in the global oil market. OPEC controls a significant portion of the world's oil exports and reserves. The tutorial lists member countries, including Algeria, Saudi Arabia, and Venezuela, and explains OPEC's objectives, such as stabilizing oil prices and coordinating petroleum policies. The video concludes with a summary of OPEC's influence and its member countries.

What percentage of the world's proven oil reserves is controlled by OPEC?

• 90%

• 61%

• 50%

• 80%

What is the significance of OPEC in the global oil market?

• It has no significant impact

• It only affects local markets

• It controls a small fraction of oil reserves

• It holds a major portion of the world's oil reserves

Which of the following is NOT a member country of OPEC?

• Venezuela

• India

• Libya

• Algeria

Which country is a founding member of OPEC?

• Nigeria

• Saudi Arabia

• Indonesia

• Qatar

What is one of the primary aims of OPEC?

• To promote renewable energy

• To stabilize oil prices

• To increase oil production

• To reduce oil consumption

How does OPEC respond to oil shortages?

• By importing more oil

• By increasing oil prices

• By reducing oil production

• By adjusting the oil supply

What role does OPEC play in the global oil market?

• It controls all oil exports worldwide

• It coordinates petroleum policies among member countries

• It only focuses on oil imports

• It sets global oil consumption rates

Which of the following is a key function of OPEC?

• To promote oil consumption

• To unify petroleum policies

• To decrease oil prices

• To eliminate oil exports