Mock test objective-type questions, prelims MCQ questions with answers on The Organization of the Petroleum Exporting Countries
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Sure, here are some mock test objective-type questions, prelims MCQ questions with answers on The Organization of the Petroleum Exporting Countries (OPEC):
- Which of the following countries is NOT a founding member of OPEC? A) Iran B) Iraq C) Saudi Arabia D) Qatar
Answer: D) Qatar
- When was OPEC established? A) 1945 B) 1959 C) 1965 D) 1973
Answer: B) 1959
- What is the primary goal of OPEC? A) To control global oil prices B) To maximize profits for member countries C) To ensure a stable supply of oil to the global market D) To reduce the environmental impact of oil production
Answer: C) To ensure a stable supply of oil to the global market
- Which of the following countries is the largest producer of oil within OPEC? A) Iran B) Iraq C) Saudi Arabia D) Venezuela
Answer: C) Saudi Arabia
- What is the name of the agreement reached by OPEC and other major oil-producing countries in 2016 to cut oil production and stabilize prices? A) OPEC+ Agreement B) Vienna Agreement C) Petro Pact D) Oil Reduction Accord
Answer: A) OPEC+ Agreement
- Which of the following statements about OPEC’s production quota system is NOT true? A) Quotas are determined based on each member country’s production capacity and market demand. B) Quotas are periodically reviewed and adjusted based on changing market conditions. C) Quotas are enforced through penalties for non-compliance. D) Quotas are designed to limit total global oil production.
Answer: D) Quotas are designed to limit total global oil production.
- Which of the following countries is NOT currently a member of OPEC? A) Russia B) Angola C) Ecuador D) Libya
Answer: A) Russia
- Which of the following countries withdrew from OPEC in January 2019? A) Iran B) Qatar C) Venezuela D) Iraq
Answer: B) Qatar
- What is the name of OPEC’s headquarters? A) Vienna Center B) Petroleum House C) OPEC House D) Energy Plaza
Answer: C) OPEC House
- Which of the following statements about OPEC’s role in the global oil market is true? A) OPEC controls the global oil market and can dictate prices. B) OPEC’s influence on the global oil market has decreased in recent years due to the rise of non-OPEC producers. C) OPEC’s primary goal is to increase global oil prices at all costs. D) OPEC is not concerned with the environmental impact of oil production.
Answer: B) OPEC’s influence on the global oil market has decreased in recent years due to the rise of non-OPEC producers.
