ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES (OPEC) | ACHIVEMENTS & PROBLEMS

ACHIEVEMENTS OF OPEC

The organization has created a forum where member states can resolve their problems.
The organization has put the activities of multi-national companies to check.
The common fund established by the organization has helped to reduce the financial problems of the members.
The organization has encouraged member states to take part in oil exploration.
OPEC has succeeded to some extent in regulating production of oil and raising the prize of oil in recent time.

The issue of quota: Member states do not abide by the directives of the organization on oil quota.
The discovery of North sea oil and the competition is a great threat to prize stabilization.
Oil storage: The rate at which some developed countries are storing crude oil, is a great threat to OPEC.
Frequent international crisis has affected the prize of oil. e.g the Gulf war (1990-1991).
Economic depression worldwide can bring down the prize of oil.
Research: Some developed counties are carrying out research to find alternative to oil. This has negatively affected the prize of oil.

EVALUATION

GENERAL EVALUATION/REVISION QUESTIONS

Highlight 4 functions of the Secretariat of OPEC.
What are the reasons for Nigeria making Africa the centre-piece of her foreign policy.
Mention the aims of O.A.U.
Mention the factors affecting Nigeria’s foreign policy.

READING ASSIGNMENT

Essential government by C.C. Dibie pages 264-266

Comprehensive government by J.U. Anyaele pages 230-231

WEEKEND ASSIGNMENT

The current Secretary general of OPEC is (a)
The following are organs of OPEC except (a) Security council (b) the Conference (c) the Secretariat
The Conference of OPEC holds her meetings ——– in a year (a) twice (b) once (c) thrice
The Secretariat of OPEC is located in (a|) U.S.A (b) Britain (c) Austria
The Secretary general of OPEC stays in office for a period of _____ years (a) four (b) three (c) five

THEORY