Which one of the following South American nation is a member of OPEC?
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Shift 23/05/2023 8:30 AM - 10:30 AM
Correct Answer
Detailed Explanation
Venezuela is the South American nation that is a member of OPEC, the Organization of the Petroleum Exporting Countries. OPEC is an intergovernmental organization founded in 1960 to coordinate and unify the petroleum policies of its member countries. The primary goal of OPEC is to ensure the stability of oil markets and to secure a steady income for its member countries through the regulation of oil production and prices.
Venezuela is a significant member of OPEC because it has one of the largest oil reserves in the world and is a major oil producer. The country's economy has historically been heavily dependent on its oil industry, and it has played an active role within OPEC in discussions and decisions related to oil production quotas, pricing, and market dynamics.
THEREFORE THE CORRECT OPTION IS [2].
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