OPEC - Energy Security

Question 1

What does OPEC stand for?

Answer 1

The Organisation of the Petroleum Exporting Countries

Question 2

How many nations/countries are part of OPEC?

Answer 2

12

Question 3

When was OPEC formed?

Answer 3

1960

Question 4

Why was OPEC formed?

Answer 4

To protect the interests of oil-producing companies - they have formed a CARTEL

Question 5

What does OPEC do?

Answer 5

They set oil production quotas for its members in response to economic growth rates and demand-and-supply conditions - Aims to ensure fair and stable prices for its members

Question 6

At the end of 2006, OPEC members had over what percentage of the worlds total oil reserves?

Answer 6

78%

Question 7

What percentage of the worlds crude oil do they produce?

Answer 7

45%

Question 8

Who are the founding members of OPEC?

Answer 8

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

Question 9

Before OPEC, who controlled oil in the Middle East?

Answer 9

TNCs

Question 10

What is a CARTEL?

Answer 10

An alliance of parties or interests created to further common aims

Question 11

OPECs main aim…

Answer 11

…Ensure fair and stable pricing