Why Is Organization of Petroleum Exporting Countries (OPEC) So Important

question 63

Multiple Choice

Why is Organization of Petroleum Exporting Countries (OPEC) so important?

• A) Together, the member countries have about 81% of the world's proven crude oil reserves, giving them significant ability to control world oil supplies for the foreseeable future.
• B) It consists of three countries with about half of the world's proven crude oil reserves.
• C) Together, the member countries are the major players in international policy regarding the implementation of progressive and unconventional resources.
• D) The member countries control the largest reserves of unconventional resources, including tar sands and shale gas.
• E) The member countries consume the largest amount of petroleum products in the world and therefore have a significant effect upon petroleum prices.

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