OPEC and Global Oil Dynamics

The video tutorial explores the geopolitics of energy, focusing on conflicts arising from finite resources and unlimited wants. It highlights issues like supply disruption, environmental impacts, and energy shortages in developing nations. Examples of global energy conflicts include tensions between the USA and Iraq, Saudi Arabia, and Russia. The video discusses how organizations like OPEC manage these geopolitics by stabilizing oil prices and ensuring equitable supply. It concludes with a map of OPEC countries and introduces the next topic on TNCs in energy production.

What is the primary reason for conflicts over energy resources?

• Unlimited energy resources

• Finite energy resources and unlimited wants

• Abundant renewable energy

• Lack of technological advancement

Which of the following is NOT a main problem arising from energy supply?

• Disruption to energy supply

• Environmental impacts

• Energy shortages in developing nations

• Energy shortages in developed nations

What can result from the USA exploiting Iraq for its oil?

• Increased oil prices

• Terrorism threats and potential wars

• Improved diplomatic relations

• Decrease in global oil supply

How might Saudi Arabia react if they feel unfairly treated in oil trade with the USA?

• Break down links with the USA

• Strengthen ties with the USA

• Increase oil production

• Reduce oil prices

What is a consequence of TNCs exploiting resources in developing countries?

• Increased social welfare

• Higher profits for developing countries

• Social welfare loss

• Improved trade relations

What is the main goal of OPEC?

• To increase oil prices

• To reduce oil production

• To stabilize oil prices and ensure equitable supply

• To eliminate oil trade

How many countries make up OPEC?

• 20

• 15

• 12

• 10

Which region is NOT a main supplier of oil in OPEC?

• South America

• Europe

• Middle East

• Africa

What percentage of the global oil supply is owned by OPEC?

• 80%

• 70%

• 60%

• 50%

Which country is NOT mentioned as a part of OPEC in the video?

• Venezuela

• Ecuador

• Saudi Arabia

• Canada