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12 December, 05:54

OPEC gave importing countries more control over the price of oil.

True

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  1. 12 December, 08:19
    0
    The statement, "OPEC gave importing countries more control over the price of oil" is false.

    Explanation:

    The intergovernmental Organization of the Petroleum Exporting Countries (OPEC) was founded on September 4th, 1960 is headquartered in Vienna, Austria. The secretary general of OPEC is Mohammed Barkindo.

    OPEC was formed by Middle Eastern oil powers. 65% of the world's known oil is located in the Middle East. The members of OPEC are namely Qatar, Indonesia, U. A. E, Nigeria, Equador, Angola, Algeria, Iran, Iraq, Kuwait, Saudi Arabia, Venezuela.

    The purpose of OPEC:

    to establish limit on oil production, and to determine the price of oil. to co-ordinate oil production and trade policies to protect the interests of oil-producing companies.
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