Understanding OPEC

OPEC, the Organization of Petroleum Exporting Countries, consists of 12 nations including Saudi Arabia, Venezuela, Kuwait, and Iran. It controls a significant portion of the world's oil reserves and production. Founded in 1960, OPEC aimed to regulate oil exports globally. In 1973, it imposed an embargo on the US and parts of Europe, causing oil shortages and economic challenges. OPEC's influence waned in the 1980s and 1990s but resurged post-9/11 due to rising oil prices. However, its impact has diminished recently, with crude oil prices falling below $80 a barrel.

What does OPEC stand for?

• Organization of Petroleum Energy Countries

• Oil Producing and Exporting Countries

• Oil and Petroleum Exporting Council

• Organization of Petroleum Exporting Countries

Which of the following countries is NOT a member of OPEC?

• Venezuela

• Saudi Arabia

• Canada

• Kuwait

In what year did OPEC issue an oil embargo that affected the United States and parts of Europe?

• 1960

• 1973

• 1980

• 2001

What major event in 2001 led to a rise in oil prices?

• The founding of OPEC

• The 1973 oil embargo

• The 1980s oil glut

• September 11 attacks

As of the latest information, what was the trading price of crude oil per barrel?

• Above $100

• Above $90

• Below $80

• Exactly $80