What are OPEC’s three goals?
OPEC in a World Market
Suppose a large supply of a natural resource is discovered in Country X. This resource is needed by most other countries. However, these countries don’t have supplies of this resource. Should Country X keep the resource for its own use? Or should Country X share its supply by selling the resource to countries that need it? How should a fair price for the resource be determined? Who should set this price, Country X’s government or the private companies that invest in the resource?

Petroleum, commonly called crude oil, is a natural resource. Like coal and natural gas, it is a fossil fuel. Fossil fuels form from the remains of organisms that lived millions of years ago. They are non-renewable, which means that Earth’s supply is limited.

Petroleum is found in underground deposits. It is removed and processed in refineries. Many products are made from petroleum. Fuels such as jet fuel and gasoline power cars, trucks, and planes. Fuel oil is used for heating buildings and producing electricity. Roads are paved with asphalt, a petroleum product. Plastics and chemicals made from petroleum are used in everyday life.

Much of the world’s petroleum comes from the Middle East. Other large producers are Venezuela, Canada, Russia, and the United States. In 1960, Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela got together to discuss the role of petroleum production in a global marketplace. They founded a group to coordinate and combine petroleum policies.
The Organization of the Petroleum Exporting Countries (OPEC)
The group that these five countries started is called the Organization of the Petroleum Exporting Countries (OPEC). Since 1960, OPEC has played a role in controlling the global market for oil. As oil has become more important in world trade, OPEC’s role has become even more important. Today, the group has grown to 14 member countries. Each member has an equal vote in making decisions. Because Saudi Arabia exports more oil than any other member country, it serves as the informal group leader.OPEC has three main goals, although it has not been effective in achieving them. It wants to regulate an efficient and stable worldwide supply of petroleum. It wants to set prices that will provide a steady income for petroleum producers. And it wants to set fair profits for companies that invest money in the petroleum industry.

Regulating the Supply of Petroleum The global oil market has been affected by political events in many parts of the world. Uprisings and wars have disrupted the supply of oil. When supply is disrupted, prices rise. The economies of oil-producing countries soar. OPEC has stabilized the price of crude oil by regulating how much oil each country can produce. When production decreases, prices rise. When production increases, prices decrease.

Setting Fair Prices Demand, supply, and price are interconnected. If the global demand for oil is stable, OPEC regulates oil prices by controlling the supply. It assigns a quota to each member country. Each country is not allowed to produce more or less oil than its quota. Countries that are not OPEC members can produce and export as much or as little oil as they want. They can set their own prices according to demand. However, these non-member countries must compete with OPEC members if they want to export their oil.

Setting Profits for Investing Companies Each member country in OPEC needs a certain oil price in order to balance its budget. Thinking that the price of oil would remain high, many oil companies began huge oil projects in the early twenty-first century. They invested fortunes in developing new oil fields. But oil prices have not stayed high. Low prices have caused oil companies to delay or give up these projects. OPEC has tried to stabilize oil prices so that oil producers will invest in future production.The Future of Oil
In the past few years, there has been a movement to decrease humans’ reliance on oil. Some people fear that the world’s supply of crude oil is running low. Scientists are worried that burning oil pollutes the atmosphere and causes climate change. Alternative energy sources such as nuclear, solar, and wind power are being developed. Will the demand for oil decrease? Will decreasing demand cause the price of oil to drop? Or will OPEC countries decrease production to match demand, causing oil prices to rise? If demand for oil falls, can OPEC continue to exist? No one knows for sure the answers to these questions. We will have to wait to see what the future reveals.

Answer:

Explanation: The purpose of OPEC 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

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Explanation:

What impact did World War I have on the Ottoman Empire

Please help
What are the three prairie provinces in Canada?

If Donald Trump is 74 and his wife is 50 and his son Barron Trump is 14 how old was Melanie when She had him and how old was trump when Barron was born.

plz, help. even if u don't like him

a. The group made a grave mistake in not turning back in Missouri.
Selected:b. The group really could have traveled by river all the way to the west coast.This answer is incorrect.
c. The group would have been better off traveling by horseback the entire journey.
d. The group most definitely needed a guide to find the easiest route through the mountains.

What impact did World War I have on the Ottoman Empire
a.The Ottoman Empire regained control over all of the Middle East.
b.There was an increased amount of support for the Ottoman sultan, or ruler.
c.The Ottoman Empire lost much of its territory, and European nations took control.
d.France and the United Kingdom became allies of the Ottoman Empire.

ASAP!!!!! help
In the case The State of Tennessee v. John Thomas Scopes, high school biology teacher John Scopes was accused of teaching content that violated a Tennessee law called the Butler Act. The Butler Act was a Tennessee law that stopped public school teachers from teaching evolution. Scopes violated this law, but felt his right to free speech protected him.

What variety of law could Scopes use in his defense?

a. Constitutional law
b. Civil law
c. Criminal law
d. Military law

1. What are the powers of the House of Representatives?
2. What are the powers of the Senate?

Short Answer
Please provide a brief response to the following question.

How do we know that the afterlife was important to the ancient Egyptians?

What was the significance of the Battle of Fallen Timbers?
A. It was the final battle of the Indian conflict in the mid-west
B. It was the last battle of the Indian conflict in the northwest
C. It was a battle against the Indians in California
D. It was a battle which the U.S. army lost against the Seminoles
Please help!! :)

Please help
Fill in the blank. Remember to spell correctly.

Both Canada and the United States have a _______ system of government.

What king least respected the idea of Ma'at

Joseph got a new book. He read THE BOOK to his little brother.
Which of the following pronouns would best replace the bold words?

a
He

b
It

c
Them

d
They

what are 3 goods/ items that had a "stamp" on them from the Stamp Act

Which amendment of the Constitution bans cruel and unusual punishment?
A.
First Amendment
B.
Fourth Amendment
C.
Fifth Amendment
D.
Eighth Amendment

Which of the following refers to appellate jurisdiction as applied to federal courts of appeals?

A.
the authority, as a federal court, to review cases involving state law
B.
the authority to review cases coming down from the Supreme Court
C.
the authority to review any and all cases of state and federal law
D.
the authority to review cases from lower courts

How did Voltaire’s ideas influence the French Revolution? A He supported freedom within the rule of law. B He saw science as the best way to gain knowledge. C He thought that monarchies are more effective than democracies. D He believed that knowledge comes through questioning accepted ideas.

List five important features of the Nile River.​

What is the states population
the state is new york

The War Department viewed Japanese Americans as a threat after the bombing at Pearl Harbor. As a result, what happened to them?

1. Japanese Americans became spies for Japan during WW2

2. Japanese Americans fought against the United States in WW2,

3. Japanese Americans were taken from their homes and sent to internment camps

4. Japanese Americans were taken from their homes and sent back to Japan.

Civilizations are organized human communities. Most of the first civilizations, including the one in Mesopotamia, started around a body of water. Mesopotamia actually started near two ________.

Please help me I'll give brainliest
Based on the map, which statement best explains how location and environment influenced the growth of the Songhai Empire?

How did Enlightenment ideas lead to a successful middle class? More government production led to more jobs for workers. People saw increased wealth from more trade and productivity. Women’s rights movements led to more participation in the economy. Salons provided opportunities for more economic opportunity.

Explain how African Americans today continue to reach for new heights in the military? Give a specific example to your answer.

What is a chicken’s favorite holiday drink?

Please someone from Michigan answer all 23 of these.

The monkey climbed up the cage. The monkey ate a banana.

Which of the following correctly combines the two sentences to create a new sentence with a compound predicate? (2 points)

a
The climbing monkey ate a banana.

b
The monkey ate a banana in the cage.

c
The monkey climbed up the cage and ate a banana.

d
The monkey climbed up the cage, the monkey ate a banana.

Which physical property is observed when a mineral leaves a white line on a black plate? (2 points)

a
Cleavage

b
Color

c
Luster

d
Streak color

Which two of the following statements represent main ideas from the article?
1. Recent discoveries about Harappa have disproven old assumptions about the ancient world.
2. The Harappan people left few major religious monuments because they primarily worshipped outdoors.
3. Many technologically advanced innovations originated in Harappa.
4. Unlike many other civilizations, Harappa was united peacefully and often featured elected leadership.

The 6,000-mile journey traveled by the People’s Liberation Army from their base in Jiangxi province to Shensi is known as the __________.

Religion is an important part of human life. Describe how someone following one of the five paths in the lesson might incorporate his/her faith into their daily life.