Question

Write a note on OPEC ? (In 7 – 8 lines)

Answer 1

The Organization of Petroleum Exporting Countries (OPEC) is a group consisting of 12 of the world's major oil-exporting nations. OPEC was founded in 1960 to coordinate the petroleum policies of its members, and to provide member states with technical and economic aid. OPEC is a cartel that aims to manage the supply of oil in an effort to set the price of oil on the world market, in order to avoid fluctuations that might affect the economies of both producing and purchasing countries.

Read more: Organization Of Petroleum Exporting Countries - OPEC http://www.investopedia.com/terms/o/opec.asp#ixzz4ji8IuL00 

Answer 2

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The Organization of the Petroleum Exporting Countries (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 petroleum industry.

Ali bin Ibrahim al-Naimi, Saudi Arabia's Minister of Petroleum & Natural Resources, is the most powerful voice within Opec. These are the people who controls OPEC.

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