Instructions: Identify the Following Terms

Question

Examlex · Accepted Answer

The Answer is The Organization of Petroleum Exporting Countries (OPEC) is an intergovernmental organization that was established on September 14, 1960, in Baghdad by the first five members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. It is headquartered in Vienna, Austria, since 1965. OPEC's mission is to coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets in order to secure an efficient, economic, and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry.

OPEC plays a significant role in the global oil market by collectively deciding on production levels for its member countries, which can influence global oil prices. The organization's decisions can have far-reaching consequences for the global economy, as oil is a critical energy resource and input for various industries. OPEC members control a significant proportion of the world's oil reserves and production capacity, which gives them the ability to affect oil supply and, consequently, prices on the international market.

As of my knowledge cutoff date in 2023, OPEC has 13 member countries: Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates, and Venezuela. These members coordinate their oil production policies through regular meetings and agreements, which can include setting production quotas to manage the supply of oil and influence its price on the global market.

Instructions: Identify the Following Terms

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