Economies of the Middle East
Israel- built an economy based on advanced technology which makes up for
what they lack in fa...
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Opec notes

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Transcript of "Opec notes"

  1. 1. Economies of the Middle East Israel- built an economy based on advanced technology which makes up for what they lack in farmland and natural resources Saudi Arabia- having rich oil reserves allows for Saudis to buy foreign goods and invest in technologies to allow them to produce goods needed  Iran- great oil wealth like Saudi Arabia, although most Iranians do not share in the oil wealth/money; more of mixed economy is on the rise, because the command economy’s poor efficiency in recent years  Turkey-least economic freedom of the 3 previous countries; airlines, railroads, telephone and television industries are controlled by the government, with recent loosened control private ownership is being allowed, and laws are being passed to support business owners. OPEC Organization of Petroleum Exporting Countries What is the purpose of OPEC?  OPEC is an international organization that has 12 members.  Its purpose is to help members develop policies on oil production and trade that will benefit each other. What is the role of OPEC in the global oil market?  The role of OPEC is to raise and lower the price of oil according to market demand, availability, and other factors. Are all members of OPEC Middle Eastern countries? No, not all members of OPEC are Middle Eastern Countries Are all oil producing countries members of OPEC? No, not all oil producing countries are members of OPEC. Who are the members of OPEC?  The five founding countries are Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.  The other eight member countries are Qatar, Libya, United Arab Emirates, Algeria, Nigeria, , and Angola. What do you think?  Why would oil exporting nations want to belong to OPEC?  Why wouldn’t oil exporting nations want to belong to OPEC?  What are the benefits of being a member of OPEC?

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