OPEC: Roles, History, and Objectives

The video tutorial covers the objectives and functions of OPEC, including its role in controlling oil prices and coordinating oil policies among member countries. It also discusses the history of OPEC, its founding in 1960, and the changes in its membership over time. The lesson concludes with a review of key points and instructions for further study.

What was the main focus of the initial part of the class?

• Discussion on oil prices

• Recap of the previous assessment

• Introduction to OPEC

• Formation of OPEC

What is one of the primary objectives of OPEC?

• To increase oil consumption

• To break the monopoly of foreign oil companies

• To eliminate oil exports

• To reduce oil production

How does OPEC influence oil prices?

• By reducing oil quality

• By negotiating with non-member countries

• By allowing member countries to control production and prices

• By setting a global standard

What is one of the roles of OPEC in stabilizing the oil market?

• To increase oil prices

• To prevent price fluctuations

• To decrease oil demand

• To limit oil exports

What is a key function of OPEC in relation to its member countries?

• To coordinate and analyze oil policies

• To increase competition among members

• To reduce oil production

• To eliminate oil imports

When was OPEC formed?

• September 14, 1960

• January 1, 1970

• March 15, 1980

• July 4, 1990

Where is the current headquarters of OPEC located?

• Vienna, Austria

• Baghdad, Iraq

• Abu Dhabi, UAE

• Riyadh, Saudi Arabia

Which country joined OPEC in 1971?

• Indonesia

• Qatar

• Nigeria

• Venezuela

Which of the following is not a member of the Seven Sisters?

• Chevron

• Texaco

• ExxonMobil

• Shell

What was the final topic discussed in the lesson?

• The Seven Sisters

• The objectives of OPEC

• The headquarters of OPEC

• The formation of OPEC