OPEC (Organization of the Petroleum Exporting Countries)

In what year was OPEC founded?

• A) 1945

• B) 1950

• C) 1960

• D) 1973

Which five countries were the original founding members of OPEC?

• A) Saudi Arabia, Venezuela, Iran, Iraq, Kuwait

• B) Russia, UAE, Saudi Arabia, Iran, Kuwait

• C) Saudi Arabia, Iraq, Iran, Libya, Nigeria

• D) Venezuela, Kuwait, UAE, Iraq, Algeria

What is the primary objective of OPEC?

• A) To regulate oil prices and production levels among member states

• B) To nationalize the oil industry in all member countries

• C) To promote alternative energy sources

• D) To reduce global dependence on fossil fuels

What is the main mechanism OPEC uses to control oil prices?

• A) Setting minimum oil prices

• B) Regulating oil production quotas among member countries

• C) Imposing tariffs on non-member countries

• D) Controlling oil refineries worldwide

Why did Indonesia leave OPEC in 2016?

• A) It stopped producing oil

• B) It became a net oil importer

• C) Disagreements over production quotas

• D) OPEC expelled it

What happens if an OPEC country does not follow production quotas?

• A) The country is fined by the organization

• B) Other members can reduce their production to compensate

• C) OPEC has no direct way to enforce quotas, so countries often overproduce

• D) The country is expelled from OPEC