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What organization's goal is to control the worlds production and price of oil?
OPEC is the organization that controls the world's production and price of oil. The members of OPEC come from twelve oil producing states.
When the price of oil drops this usually means that OPEC has done what?
Increased Oil Production.
What happened to the price of oil when opec decided to limit production?
It increased.
When the price of oil drops this usually that OPEC has?
increased production.increased production.
When the price of oil drops this usually that means that OPEC has?
increased production.increased production.
Is Canada a member of OPEC?
No, Canada is not a member of OPEC (Organization of the Petroleum Exporting Countries). OPEC is a coalition of oil-producing countries that work together to regulate the production and price of oil on the global market. Canada is a major oil producer but is not part of this organization.
What organization was extablished to provide oil-rich nations more control over the production and price of oil?
OPEC - The Organization of Oil Producing Countries
What type of government controls the OPEC?
OPEC controls most of the worlds oil source.
What Natural Resource does OPEC control the production price and distribution?
The acronym OPEC stands for the Organization of Petroleum Exporting Countries, hence, the specific natural resource with which OPEC is concerned is petroleum (also known as oil).
What is the primary goal of OPEC?
To control the production of oil
What method does 'OPEC' use to raise the price of oil?
OPEC uses supply and demand to determine prices. If they want to raise the price, they slow down production. The lower supply will equal higher prices.
When the price of oil crops this usually means that OPEC has?
OPEC has put too much oil on the market.
