Unit 4 - OPEC - Global Organisations

Question 1

Where is the OPEC headquartered?

Answer 1

• Vienna, Austria

Question 2

What does OPEC stand for?

Answer 2

• Organisation of the Petroleum Exporting Countries

Question 3

What are the member states of OPEC?

Answer 3

• Intergovernmental organisation of 14 nations (first five members: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela)

Question 4

How much oil did OPEC produce in 2018?

Answer 4

• by 2018 accounted for 44% of global oil production and 81.5% of the world’s proven oil reserves

Question 5

What is the mission of the OPEC?

Answer 5

• mission is to coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets 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 industry