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Yes, OPEC (Organization of the Petroleum Exporting Countries) wields significant influence in the global oil market due to its ability to set production levels and influence oil prices. As a coalition of major oil-producing nations, OPEC can stabilize or destabilize markets by coordinating output among its members. Its decisions can impact economies worldwide, particularly those heavily reliant on oil imports or exports. However, the rise of alternative energy sources and non-OPEC oil production has somewhat diminished its influence in recent years.

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2mo ago

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Which country is the most influential member of OPEC?

Saudi Arabia is considered the most influential member of OPEC due to its large oil reserves, production capacity, and role in influencing global oil prices.


OPEC is very important to this countries?

very impotantee


How important is the Persian Gulf to OPEC?

Very important, most of OPEC 's member countries are there.


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.


Why is the U.S. not part of OPEC?

America is not part of OPEC (Organization of PetroleumExporting Countries) because we do not export oil - only a very small amount. Also, OPEC was created by and for the participating countries (majorly middle east and third world) to guarantee that they would profit from America's use of oil - we are the biggest consumers of oil in the world.


Which is very influential heredity or environment?

Both are influential.


How do you use influential in a sentence?

Mrs. Sterdt is very influential.


How does OPEC influence the world politic?

OPEC, or the Organization of the Petroleum Exporting Countries, is an intergovernmental agency that coordinates policies to ensure the fair and regular supply of petroleum to other countries in the world. Countries outside of OPEC may seek to maneuver politically to gain favor with OPEC.


What is the organization that controls much of the world's oil supply?

OPEC


Why was OPEC created?

To regulate petroleum prices around the world.


Who owns OPEC?

opec


What percentage of the world's oil supply is produced by OPEC?

40 percent