0
The OPEC, Organization of the Petroleum Exporting Countries, is a group of eleven developing countries that decide certain imports and exports in order to stabilize the market for goods such as oil.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
Why should US citizens be interested in the actions of OPEC?
OPEC influences the price and availability of oil and gas.
What impact can OPEC decisions have on the world?
The roe of OPEC is to regulate the petroleum industries among member countries. OPEC stands for Organization of the Petroleum Exporting Countries.
How would OPEC nation feel about the rising cost of petroleum?
OPEC would never trade with the country that rose the price of petroleum.
What is the difference between BP to OPEC?
BP is simply an Oil producing firm whilst OPEC is a trade bloc/ organisation which regulates the production of oil within 12 countries
The US trade deficit first became a problem in the 1970s because .?
The price of foreign oil was raised by OPEC.
What body of water is closest to OPEC?
OPEC is a worldwide consortium of oil exporting countries - there isn't one country or region which defines OPEC.
Why should US citizens be interested in the actions of OPEC?
OPEC influences the price and availability of oil and gas.
What impact can OPEC decisions have on the world?
The roe of OPEC is to regulate the petroleum industries among member countries. OPEC stands for Organization of the Petroleum Exporting Countries.
What are 2 major trade alliences?
OPEC and NAFTA.
How would OPEC nation feel about the rising cost of petroleum?
OPEC would never trade with the country that rose the price of petroleum.
What is the difference between BP to OPEC?
BP is simply an Oil producing firm whilst OPEC is a trade bloc/ organisation which regulates the production of oil within 12 countries
What action did OPEC take in 1973 against the US and what impact did it have on the American economy?
The 1973 Oil Crisis.
What is the role of OPEC?
The role of the Organization of the Petroleum Exporting Countries is to make the process of trading oil between countries who belong to OPEC easier. They help organize and regulate trade in a consistent manner.
The US trade deficit first became a problem in the 1970s because .?
The price of foreign oil was raised by OPEC.
Who owns OPEC?
opec
The US trade deficit first became a problem in the 1970's because?
The price of foreign oil was raised by OPEC.
How effective is OPEC?
The effectiveness of OPEC varies dependent of political and economic factors. During the 1973 OPEC induced oil crises their cartel actions created economic emergencies on global economies whose infrastructure were dependent on crude imports. The rise of the United States in 2014 as the world's largest oil and natural gas producer further weakens the effectiveness and coercive powers of the cartel. Moreover, non OPEC states such as Canada and Russia further weaken OPEC's threat of using oil as a weapon. Lastly OPEC states such as Saudi Arabia can and have been known to break the cartel producing as they wish to counteract potential oil crises.
