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OPEC produces millions of gallons of petroleum oil. do to economic issues. this number will soon decrease

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14y ago

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Why was OPEC sent up?

The OPEC was founded to unify petroleum policies and stabalize markets.


For what purpose was OPEC created?

OPEC is an alliance formed by the oil producing countries of the world who collude and decide on how much oil to produce, keeping the cost higher than it should be.


When the price of oil crops this usually means that OPEC has?

OPEC has put too much oil on the market.


How many barrels of oil produced each year by OPEC?

OPEC does not produce oil/oil products, it is a governing agency. OPEC is a permanent intergovernmental organization of 12 oil-exporting developing nations that coordinates and unifies the petroleum policies of its Member Countries.


How does OPEC operate?

Strictly controls all the elderly people and how they produce oil


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

OPEC


Why was the US vulnerable to OPEC?

The US is vulnerable to OPEC because of the oil import. There is about 40% oil in OPEC 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?

OPEC (Organization of the Petroleum Exporting Countries) controls the production, price, and distribution of oil, which is a significant natural resource. OPEC member countries collectively produce a large portion of the world's crude oil and play a key role in influencing global oil market dynamics.


Who are the 3 former members of opec?

Saudia Arabia opec OPEC oil reserves OPEC oil crisis


The organization that decides how much oil produce is called?

The organization that decides on oil production levels is called the Organization of the Petroleum Exporting Countries (OPEC). It is a group of oil-producing countries that coordinate on policies to stabilize oil markets and ensure a steady income for its members.


How much money does saudia Arabia get per barrel of oil?

Saudi Arabia is a member of OPEC, which collectively determine oil prices for the oil producing countries in that region. As of 7 October 2014, the cost for a barrel of oil from OPEC was US $89.37.