Cornell Notes:

Main Ideas

Notes:

Summarize OPECs Mission

The mission of OPEC is to stabilize oil markets by making sure there is a regular supply

Statement:

of oil available and to make sure that the producers of the oil make money.

What does OPEC stand for?

Organization of Petroleum Exporting Countries

How many countries are currently

There are currently 12 members of OPEC.

members?
Who were the founding members?

The founding members of OPEC were: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

Summarize the reason that OPEC

OPEC was created because the Seven Sisters (The seven large oil companies), were

was created in the first place.

exploiting the resources and make the business of selling oil, fair to the countries who
provide it.

In what year was OPEC founded?

OPEC was created in 1960.

Where is the current headquarters

The current headquarters for OPEC is in Vienna, Austria.

located?

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Main Ideas:

Notes:

Complete the following sentence:

OPEC is made up of twelve sovereign nations: ____6___ in the Middle East, ___4____
in
Africa and ____2___ in South America.

What are the requirements for

OPEC is open to any country that exports crude oil and shares the ideals of the

being a member of OPEC?

organization.

What is the difference between

A Full Member of OPEC has full voting rights when it comes to decision making,

a Full Member and an Associate

Associate Members do not. They are allowed to participate in meetings but not vote.

Member?

Explain how OPEC keeps the

If demand increases and there is not enough supply, OPEC can increase production

market supplied with oil.

In order to make up for the shortage. If demand decreases while supplies are growing
OPEC can slow production to maintain a balance.
OPEC also will alter production for emergency situations as well, like during war or after
a natural disaster.

Explain how OPEC keeps the oil

OPEC works to avoid price extremes by using the principles of supply and demand.

markets stable.

When price extremes occur, it has an effect on the global economy, like increasing the
cost of other products that use oil if the price is too high, or losing money and not
having money to invest if the prices are too low.

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Write a summary in your own words
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