Organization of petroleum exporting countries
Opec's activities are focused on oil, a raw material that has gave more than any other form of energy to economic development around the world, over the past century and a half.
Another great thing about opec organization is that its mission is not restricted by time or any other circumstances, however.It is, instead a permanent one, which means that it will become lager in distance from side to side. This is a great organization it helps prevent any fraud from countries around the world even tough not that many nations are involved in this organization it has still impact their economy and oil-production business.
IMPORTANT TERMS TO KNOW
- peak oil-is the point in time when the maximum rate of petroleum extraction is reached, after which the rate of production is expected to enter terminal decline.
- Cartel-an association of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition
- consuming- a person who purchases goods and services for personal use.
- industry-economic activity concerned with the processing of raw materials and manufacture of goods in factories
- co-ordinate-bring the different elements of (a complex activity or organization) into a relationship that will ensure efficiency or harmony.
- cooperation-the process of working together to the same end.
- Industrialized-develop industries in (a country or region) on a wide scale.