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Question
What are OPEC missions? Discuss how OPEC helps other countries.
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Solution
Instructions: Give a brief introduction to OPEC.
Discuss the missions of OPEC.
Explain how OPEC helps other countries.
Solution:
- Organization of the Petroleum Exporting Countries (a group of oil producing nations), is an intergovernmental organisation founded in Baghdad, Iraq, and headquartered in Vienna, Austria.
- Presently, OPEC has 15 member nations and its membership is open to any country that exports crude oil and shares the ideals of the organization.
Missions of OPEC
- To coordinate oil policies in its member countries.
- To help stabilise oil markets.
- To secure a fair and stable income to petroleum producers
- To ensure an efficient, economic, and regular supply of oil to consuming nations.
- To guarantee a fair return on capital to those investing in the petroleum industry.
How does OPEC help other countries?
- The OPEC fund for International Development (OPID) is an institution that helps finance projects with low interest loans.
- OPEC has an information centre with over 20,000 volumes including books, reports, maps, and conference proceedings related to petroleum, energy, and the oil market.
- The information centre is open to the public and is often used by researchers and students.
Discuss the missions of OPEC.
Explain how OPEC helps other countries.
Solution:
- Organization of the Petroleum Exporting Countries (a group of oil producing nations), is an intergovernmental organisation founded in Baghdad, Iraq, and headquartered in Vienna, Austria.
- Presently, OPEC has 15 member nations and its membership is open to any country that exports crude oil and shares the ideals of the organization.
- To coordinate oil policies in its member countries.
- To help stabilise oil markets.
- To secure a fair and stable income to petroleum producers
- To ensure an efficient, economic, and regular supply of oil to consuming nations.
- To guarantee a fair return on capital to those investing in the petroleum industry.
- The OPEC fund for International Development (OPID) is an institution that helps finance projects with low interest loans.
- OPEC has an information centre with over 20,000 volumes including books, reports, maps, and conference proceedings related to petroleum, energy, and the oil market.
- The information centre is open to the public and is often used by researchers and students.
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