Scan the following BBC articles and answer the questions to learn more about OPEC and the causes of recent changes in the price of oil.27/10/08 What is going on in the oil market?
Q1a) The article describes OPEC as a ‘cartel’ – what is a cartel?
Q1b) Oil has fallen from $147 per barrel in July 2008 to $43.67 by early December 2008. What reasons does the article identify for this huge fall in price?
20/10/08 Profile: Opec
2a) What does OPEC stand for?
2b) Why was OPEC set up?
2c) How much of the worlds oil does OPEC produce?
2d) How much of the worlds oil reserves are held by OPE C member countries?
2e) Identify 4 countries that are part of OPEC
2f) What are OPECS stated aims?
05/12/08 Oil falls sharply on big job cuts
Q3a) The article make a connection between the price of oil and the current economic situation. Use a suitable diagram to show this connection
08/12/08 Oil prices up on talk of Opec cut
Q4a) Use a suitable diagram to show the effect of an OPEC cut in production on the price of oil
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