Question

name: date: opec the organization of the petroleum exporting countries (opec) is a group of nations that work together in producing and refining oil. it was formed in 1960 by five nations in the middle east. now, opec has many nations, and most of them are located in the middle east. opec is very influential in the global oil market and has wide impacts across the world. nations worldwide rely on oil for energy. opec can heavily impact transportation costs around the world. this can include gas for cars and fuel for ships. this group decides how much oil is exported during a given amount of time, which can impact the cost of the oil. if there is less oil available, the cost will rise. a higher cost of oil means more money for nations in the opec group. opec sets the price for a large portion of the oil that is purchased around the world. all of the countries that are in opec have a vote to raise or lower the price of oil. opec has several purposes. its highest priority is to make sure that oil prices are fairly stable. it also seeks to offer a consistent supply of oil to worldwide markets. another purpose of opec is to make sure that nations producing oil get paid a fair price. this means that nations are able to comfortably invest money in technology and equipment needed to continue oil production. while there are many advantages to opec, there are some disadvantages. some argue that it creates an unfair marketplace for nations that are not members of opec. decisions made by opec can cause oil shortages for nations that heavily rely on them for oil imports, such as the united states. member nations of opec name: date: opec directions: fill in the graphic organizer based on the passage. description of opec (opec) is a group of nations that work together in producing and refining oil. opecs main purpose opecs second purpose opecs third purpose opecs impact on the world

Explanation:

• OPEC's Main Purpose: The text states "Its highest priority is to make sure that oil prices are fairly stable".
• OPEC's Second Purpose: "It also seeks to offer a consistent supply of oil to worldwide markets".
• OPEC's Third Purpose: "Another purpose of OPEC is to make sure that nations producing oil get paid a fair price".
• OPEC's Impact on the World: "OPEC is very influential in the global oil market and has wide impacts across the world. OPEC can heavily impact transportation costs around the world... This group decides how much oil is exported during a given amount of time, which can impact the cost of the oil".

Answer:

• OPEC's Main Purpose: To make sure that oil prices are fairly stable.
• OPEC's Second Purpose: To offer a consistent supply of oil to worldwide markets.
• OPEC's Third Purpose: To make sure that nations producing oil get paid a fair price.
• OPEC's Impact on the World: Influential in the global oil market, impacts transportation costs (gas for cars, fuel for ships), decides oil export amounts which impact oil cost.