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Physical 13 - Carbon/Energy > Lesson 7 - OPEC > Flashcards

Lesson 7 - OPEC Flashcards

1
Q

What is OPEC?

A

Organisation of Petroleum Exporting Countries

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2
Q

What % of proven oil reserves do OPEC producers control?

A

41%

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3
Q

How does OPEC moderate global energy prices?

A

Sets production price quotas on member states
Boosts supply when demand rises
Restricts supply when demand falls

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4
Q

What is OPEC’s base objective?

A

Coordinate petroleum prices

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5
Q

What does OPEC wish to ensure?

A

Fair + stable price for producers
Efficient + regular supply
Fair return on capital investment

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Physical 13 - Carbon/Energy (50 decks)

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