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Southwest Asia The Middle East

Southwest Asia The Middle East. FSMS 7 th Grade Social Studies; Unit 3 Production, Distribution & Consumption OPEC October 15, 2013 Georgia Standard SS7E6c. The Middle East Production, Distribution & Consumption. Standard

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Southwest Asia The Middle East

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  1. Southwest Asia The Middle East FSMS 7th Grade Social Studies; Unit 3 Production, Distribution & Consumption OPEC October 15, 2013 Georgia Standard SS7E6c

  2. The Middle East Production, Distribution & Consumption Standard SS7E6 c. Explain the primary function of the Organization of Petroleum Exporting Countries (OPEC).

  3. FIRST FIVE Agenda Message: Before-School Tutoring is Tuesday from 7:30-8:10a. CDA II is Friday, November 1st. Use your Study Guide Flash Cards to Prepare for Success!! New Standard: Explain how the OPEC is important to the international trade of Oil. E.Q. Monday, October 28, 2013: What was the impact of the 1973 OPEC Oil Embargo? Warm-Up: Why do countries that trade with one another need an International Currency Exchange? Today We Will: • Complete Trade Barriers • International Currency Exchange • Cover OPEC Embargo

  4. Answers E.Q. Answer for Monday October 28, 2013: As a result of the 1973 Arab-Israeli War the members of OPEC nations decided to use an oil embargo against countries that supported Israel, primarily the U.S. and Western Europe. The embargo caused significant economic problems to the U.S. economy creating long lines at gas stations and increased cost of transporting goods and people. Warm-Up Answer: Countries have different currencies (money) which all have different values. International Currency Exchanges insure that each trading partner gets a fair deal in their trade, purchase, of goods and services fro other countries.

  5. The Middle EastProduction, Distribution & Consumption Organization of Petroleum Exporting Countries (OPEC) The Organization of Petroleum Exporting Countries (OPEC) was created in 1960 by some of the countries with large oil supplies who wanted to work together to try to regulate the supply and price of the oil they exported to other countries. The first five countries to join OPEC were Kuwait, Iraq, Saudi Arabia, Iran, and Venezuela.

  6. The Middle East Production, Distribution & Consumption OPEC cont. These countries, along with others who have joined since 1960, continue to decide; a. how much oil they will produce, and that determines b. the price of oil on the world market. When they produce less oil, the price on the world market goes up. When they increase production, the price on the world market goes down.

  7. The Middle East Production, Distribution & Consumption OPEC Oil Embargo In 1973 war broke out again between Israel and her Arab neighbors. Member of OPEC voted to stop the sale of oil and gas to all countries that supported Israel including the U.S. The embargo caused significant economic problems to the U.S. economy creating long lines at gas stations and increased cost of transporting goods and people.

  8. ANSWERS E.Q. Answer for Tuesday October 15, 2013: OPEC is made up of countries with large oil supplies who work together to regulate the supply and price of the oil they exported or sell to other countries. OPEC primarily achieves this goal by controlling the production of oil available to the world markets. The less amount of oil produced, the higher the price of oil in the marketplace. Warm-Up Answer: Traditional, Command, Market & Mixed-Market

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