What is OPEC? | CNBC Explains

What were the 3 items that he just told and/or showed us that come from Oil/Petroleum?

OPEC provides ____ percent of the world's oil.

• 20%

• 90%

• 40%

What does OPEC stand for?

What's is OPEC's purpose? What does this sentence on the screen mean?

• To monitor and protect the prices and production of oil.

• To increase the prices and production of oil worldwide.

• To regulate the cash crops of global industries around the world.

How often do OPEC's members meet?

• once a year

• twice a year

• four times a year

What would happen if OPEC decided to supply less oil?

• the demand will go down and the price will go down

• the demand will go up and the price will go up

• the demand would go down and the price would go up

Which country in SW Asia (that we are studying about) relies heavily on their export of oil (like Venezuela in this video)? Think back to the chart we saw in our notes on Exports and Imports.

• Israel

• Turkey

• Saudi Arabia

How many barrels of oil per month are we (the US) importing?

• 100,000

• 300,00

• 500,00

What could put the oil industry and OPEC out of business?

• Renewable Energy options

• Other Fossil Fuel options

What does it mean by "the stone age did not end for lack of stone and the oil age will end before oil runs out?"