Why is Organization of Petroleum Exporting Countries (OPEC)so important?
A) They have about 72% of the world's proven crude oil reserves and thus are likely to control most of the world's conventional oil supplies for many years to come.
B) They consist of three countries with about half of the world's proven crude oil reserves.
C) They are the major players in international policy regarding the implementation of progressive and unconventional resources.
D) They control the largest reserves of unconventional resources,including tar sands and shale gas.
E) They consume the largest amount of petroleum products in the world thus are likely to control most of the world's conventional oil market price for many years to come.

Question

​Why is Organization of Petroleum Exporting Countries (OPEC)so important?
A) ​They have about 72% of the world's proven crude oil reserves and thus are likely to control most of the world's conventional oil supplies for many years to come.
B) ​They consist of three countries with about half of the world's proven crude oil reserves.
C) ​They are the major players in international policy regarding the implementation of progressive and unconventional resources.
D) ​They control the largest reserves of unconventional resources,including tar sands and shale gas.
E) ​They consume the largest amount of petroleum products in the world thus are likely to control most of the world's conventional oil market price for many years to come.

Quizplus · Accepted Answer

OPEC controls a significant portion of the world's proven crude oil reserves, which gives them considerable influence over the global oil market and prices. As such, they play a crucial role in shaping energy policies and international relations.

​Why Is Organization of Petroleum Exporting Countries (OPEC)so Important

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