Test Your Knowledge About The Organization Of The Petroleum Exporting Countries

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Test Your Knowledge About The Organization Of The Petroleum Exporting Countries - Quiz

Oil is one, if not the most, precious commodity on earth. We need it for machinery, our cars, and most of all, it helps build economies and wealth (especially for emerging countries and developing countries. ) It is more than 50 years old, and was created in Baghdad. With its headquarters in Switzerland, Geneva, do you think you know everything about this organization? Take our quiz and find out.


Questions and Answers
  • 1. 

    How many states are members of this organization?

    • A.

      14

    • B.

      16

    • C.

      18

    • D.

      20

    Correct Answer
    A. 14
    Explanation
    There are 14 states that are members of the organization.

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  • 2. 

    Who is the current secretary general?

    • A.

      Idris Deby Itno

    • B.

      Mohammed Barkindo

    • C.

      Kofi annan

    • D.

      Ali Bongo Ondimba

    Correct Answer
    B. Mohammed Barkindo
    Explanation
    Mohammed Barkindo is the current Secretary General.

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  • 3. 

    What's the currency used?

    • A.

      Euros

    • B.

      US Dollars

    • C.

      The Pound

    • D.

      The Rand

    Correct Answer
    B. US Dollars
    Explanation
    The correct answer is US Dollars because the question is asking about the currency used, and US Dollars is a widely recognized currency used in the United States and many other countries around the world.

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  • 4. 

    In what year was it founded?

    • A.

      In 1950

    • B.

      In 1958

    • C.

      In 1960

    • D.

      In 1962

    Correct Answer
    C. In 1960
    Explanation
    The organization or entity in question was founded in the year 1960.

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  • 5. 

    How many states founded this organization from the beginning?

    • A.

      3

    • B.

      5

    • C.

      7

    • D.

      9

    Correct Answer
    B. 5
    Explanation
    The organization was founded by five states from the beginning.

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  • 6. 

    Which country submitted an application in 2015?

    • A.

      Saudi Arabia

    • B.

      Sudan

    • C.

      Gabon

    • D.

      Angola

    Correct Answer
    B. Sudan
    Explanation
    Sudan is the correct answer because it is the country that submitted an application in 2015.

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  • 7. 

    Which report is published by the OPEC annually?

    • A.

      The World Oil Outlook

    • B.

      The World Oil Report

    • C.

      The World state

    • D.

      The Oil Business State

    Correct Answer
    A. The World Oil Outlook
    Explanation
    The correct answer is "The World Oil Outlook." This report is published by the OPEC (Organization of the Petroleum Exporting Countries) on an annual basis. It provides a comprehensive analysis and forecast of the global oil market, including supply, demand, and price trends. The World Oil Outlook is a valuable resource for policymakers, industry professionals, and researchers in the energy sector, as it helps them understand the current state and future prospects of the oil industry.

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  • 8. 

    What's a crude oil benchmark?

    • A.

      It's a standardized petroleum product that serves a convenient reference price for buyers.

    • B.

      It's a petroleum product that serves a convenient price for buyers.

    • C.

      It's a product that serves a convenient reference price for buyers.

    • D.

      It's a standardized petroleum product for buyers.

    Correct Answer
    A. It's a standardized petroleum product that serves a convenient reference price for buyers.
    Explanation
    A crude oil benchmark is a standardized petroleum product that serves as a convenient reference price for buyers. This means that it is a specific type of crude oil that is used as a benchmark to determine the price of other crude oils. It provides a common basis for pricing and trading in the oil market, allowing buyers and sellers to easily compare and negotiate prices.

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  • 9. 

    What's the other term for futurex exchange?

    • A.

      Futures market

    • B.

      Future market

    • C.

      Stock exchange

    • D.

      Exchange forum

    Correct Answer
    A. Futures market
    Explanation
    The correct answer is "futures market." This term refers to a financial market where traders buy and sell futures contracts. These contracts are agreements to buy or sell a specific asset at a predetermined price and date in the future. The futures market allows participants to speculate on the future price movements of various assets, including commodities, currencies, and financial instruments. It provides a platform for hedging risks and for investors to profit from price fluctuations.

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  • 10. 

    What's the other term for West Texas intermediate?

    • A.

      Texas light oil

    • B.

      Texas sweet

    • C.

      Texas light sweet

    • D.

      Texas light

    Correct Answer
    C. Texas light sweet
    Explanation
    The other term for West Texas Intermediate is Texas light sweet. This refers to a type of crude oil that is produced in the western region of Texas. It is called "light" because it has a relatively low density and "sweet" because it has a low sulfur content. This type of crude oil is highly sought after in the global market due to its high quality and low impurities, making it easier to refine into various petroleum products.

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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 22, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jun 02, 2018
    Quiz Created by
    Anouchka
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