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What percentage of the worlds oil reserves are controlled by OPEC countries?
The 12 OPEC contries control 79% of the worlds crude reserves and 44% of the worlds crude oil production.
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.
What percentage of the world's oil supply is produced by OPEC?
40 percent
What type of government controls the OPEC?
OPEC controls most of the worlds oil source.
Why is the OPEC less powerfull now?
Opec controls significantly less of the worlds oil supply than it used to. As many countries that have discovered oil have not joined OPEC.
What has OPEC done to limit the effect of nonmember production on its pricing decision?
what has OPEC done to limit the effect of non member production on its pricing decisions?
Is Sudan an OPEC member?
No. Yemen is not a member due to its low oil production and proven reserves.
Which is a main goal of opec?
To control the production of oil— Apex :)
When the price of oil drops this usually that OPEC has?
increased production.increased production.
What happened to the price of oil when opec decided to limit production?
It increased.
What countries have an economy based largely on the production and sale of energy?
The OPEC countries, and other non-OPEC oil exporters (such as Russia).
How fair is OPEC in controlling these prices?
OPEC is the organization of petroleum exporting countries. OPEC rolls out regulations to control the prices of petroleum products in fair markets by determining production of oil in various locations.
