2p-WTO & OPEC_Int.Org._2024

What is the main objective of the World Trade Organization?

• Promote free trade

• Ensure fair trade practices

• Resolve trade disputes

• Provide a platform for negotiations

When was the WTO set up?

• 1995
• 1949
• 1945
• 1980

WTO is the successor of?

• IMF

• GATT

• EFTA

• SAPTA

Mostly, Middle Eastern Nations that work together with setting prices and production levels of oil

• OPEC (Organization of petroleum exporting Countries)

• NAFTA (North American Free Trade Agreement)

• EU (European Union)

• WTO (World Trade Organization)

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

• Iran

• Iraq

• Kuwait

• Saudi Arabia

How many members does the WTO have?

• 164

• 180

• 172

• 193

How many observer governments does the WTO have?

• 25

• 29

• 15

• 21