Oil and gas uses past and present

Question 1

OPEC stands for

Answer 1

the Organization of Petroleum Exporting Countries

Question 2

OPEC was created in …….. by ………..

Answer 2

1960

1. Iran
2. Kuwait
3. Iraq
4. Saudi Arabia
5. Venezuela

Question 3

At that time (1960) the oil industry

Answer 3

was still dominated by foregin oil companies operating in those countries.

the government of countries where the oil was found only received a share of these companies profits.

despite the increase of world demand for oil the price continued to drop

Question 4

OPEC was formed to

Answer 4

protect the interests of oil producing countries.

it is a club of producers.

members realized that they could get a fairer price for their oil by agreeing on how much oil to supply to the market. the law of supply and demand would do the rest.

Question 5

protect the interests of oil producing countries.

it is a club of producers.

members realized that they could get a fairer price for their oil by agreeing on how much oil to supply to the market. the law of supply and demand would do the rest.

Answer 5

during the 1960’s, OPEC gradually increased its influence.

in the early 1970’s, it caused a large increase in the price of petroleum by limiting production.

Question 6

during the 1960’s, OPEC gradually increased its influence.

in the early 1970’s, it caused a large increase in the price of petroleum by limiting production.

currently there are …………. members, although

Answer 6

eleven

countries do join and leave

Question 7

in the early 1970’s, it caused a large increase in the price of petroleum by limiting production.

currently there are eleven members, although countries do joing and leave. nowadays, OPEC has

Answer 7

less influence over oil prices as there hace been discoveries by non - OPEC countries. nevertheless OPEC members still control almost half of the world’s oil supply

Question 8

…………………… controlled the oil industry

Answer 8

from the early days of oil, through to the 1970s, american and british oil companies

Question 9

from the early days of oil, through to the 1970s, american and british oil companies controlled the oil industry. understandably, OPEC members wanted to

Answer 9

take back control of the industry from the foreign oil companies that operated on their territory.

Iran had already done ths in 1951. by the mid 1970s the rest of OPEC had either

• completely nationalized their oil industries or
• had a majority control of their petroleum industry

Question 10

the ……….. sisters were ………..

Answer 10

seven

• the most important companies and controlled most of the oil wealth of the world
• they are given ths name by the italian oil executive Enrico Mattei
• were the members of a consortium that was created to reintroduce iranian oil to the market after nationalization

Question 11

were the members of a consortium that was created to reintroduce iranian oil to the market after nationalization

Answer 11

• Standard oil of new jersey
• royal dutch shell
• anglo persian oil company
• standard oil of new york
• standard oil of california
• gulf oil
• texaco

Question 12

were the members of a consortium that was created to reintroduce iranian oil to the market after nationalization

however since then,

Answer 12

the power of these companies has declined as oil producing countires have claimed the industry as their own.

in addition, new dscoveries and new companies have changed the face of the oil and gas industry.

Question 13

The new seven sisters (in order of importance):

Answer 13

1. Saudi Aramco (saudi Arabia)
2. PDVSA (Venezuela)
3. Gazprom (Russia)
4. Petrobras (Brazil)
5. CNPC (China)
6. Petronas (Malaysia)
7. NIOC (Iran)