Big Idea #4 OPEC

OPEC

OPEC

• In 1960, Iran, Iraq, Saudi Arabia, Kuwait, and Venezuela formed an organization called the Organization of Petroleum Exporting Countries (OPEC). *petroleum is another term for oil.

• OPEC’s purpose is to regulate the price of oil.

  • It unifies petroleum prices in order to promote stability in the world oil market and to ensure a regular supply of petroleum to other countries.

• OPEC sets the prices and amount of oil produced by its member nations.

Match

Match the following

• regulate the price of oil

• 1960

• OPEC

• petroleum

OPEC's purpose

When was OPEC formed?

Organization of Petroleum Exporting Countries

another term for oil

• OPEC's purpose

• When was OPEC formed?

• Organization of Petroleum Exporting Countries

• another term for oil

• OPEC functions by increasing or decreasing the amount of oil each member nation produces.

• After OPEC was formed, oil production was controlled and the demand increased worldwide.

  • Oil prices rose and oil-producing countries made more money.

​Functions

Drag and Drop

OPEC functions by increasing or ​

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the amount of oil each member nation produces. After OPEC was formed, oil production was ​

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and the demand increased worldwide. Oil prices rose and oil-producing countries made more ​

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.

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decreasing

controlled

money

OPEC Today

• Today, OPEC has expanded to 13 member countries.

  • These countries account for about 42% of the world’s oil production and 73% of its known oil reserves.

• OPEC has improved the economies of its member countries and has helped prevent religious hatred from interfering with the world’s oil supply.

Reorder

Reorder the following

• Oil prices are not stable and oil countries are not making money.

• In 1960, Iran, Iraq, Saudi Arabia, Kuwait, and Venezuela formed OPEC.

• Oil production was controlled & the demand increased worldwide which increased money made by oil producing countries.

• Today, OPEC has expanded to 13 member countries.

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