Asked by maysoon alharoon on Sep 28, 2024
Verified
Which entity is expected to control the global supplies and prices of oil over the long term?
A) OPEC
B) the United States
C) Russia
D) Mexico
OPEC
The Organization of the Petroleum Exporting Countries, an intergovernmental organization coordinating the petroleum policies of its member countries.
Global Supplies
The total availability of goods, commodities, or resources considered at a global scale, affecting markets, economies, and international trade.
- Understand the worldwide reliance on multiple forms of energy and their impacts on the environment.
Verified Answer
TS
Trenton Sissomabout 4 hours ago
Final Answer :
A
Explanation :
OPEC (Organization of the Petroleum Exporting Countries) is an intergovernmental organization of 14 nations that collectively control around 44% of global oil production and 73% of "proven" oil reserves. As such, they have a significant influence on global oil supplies and prices over the long term. The other options, the United States, Russia, and Mexico, are significant oil producers, but they do not have the same level of control over global supplies and prices as OPEC.
Learning Objectives
- Understand the worldwide reliance on multiple forms of energy and their impacts on the environment.