SS7E5d OPEC

Where are most of the countries of OPEC located?

Why was OPEC created?

• To regulate the supply and price of oil
• to help the Palestinians in their problems with Israel
• to design new machinery to get oil out of the ground
• to keep countries that are not members from producing any oil

What happens to the price of oil when OPEC countries decide to limit production?

• prices rise
• prices drop

• prices stay the same
• oil stops being sold

What country consumes more oil than they produce?

• Iran
• USA
• Kuwait
• Saudi Arabia

What is the major natural resource of the Middle East?

• 
• 
• 
• 

The government of Saudi Arabia heavily controls (a)   industry.

• oil
• technology
• agriultural
• textile manufacturing

What happens to the price of oil when OPEC countries decide to limit production?

• prices rise
• prices drop

What does OPEC stand for?

• Organization of Petroleum Excelling Countries

• Oil Producing of the Equilibrium Countries

• Organization of Petroleum Exporting Countries

• Oil, Petroleum, and Excellent Countries

Which group has been an example for successfully determining the amount and price of a world-wide commodity?

• The European Union

• World Trade Organization

• North Atlantic Treaty Organization

• Organization of Petroleum Exporting Countries

Which nation leads the Middle East region in the production and export of oil?