As members of the Organization of Petroleum Exporting Countries ( OPEC) took control of domestic oil production in the 1970s, which of the following occurred?

Question

15-01-2021
Social Studies

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As members of the Organization of Petroleum Exporting Countries ( OPEC) took control of domestic oil production in the 1970s, which of the following occurred?

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AnShults AnShults · Answer 1 · 2021-01-21T06:20:23+01:00

Answer:

As members of the Organization of Petroleum Exporting Countries ( OPEC) took control of domestic oil production in the 1970s is explained below in detail.

Explanation:

During the 1970s the principal purpose of OPEC constituents was to acquire complete self-determination over their petroleum reserves. Accordingly, numerous OPEC members nationalized their oil resources and modified their agreements with larger oil companies. In October 1973, OPEC increased oil prices by 70 percent.