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In the late 1950s, world oil production considerably exceeded demand. The price of oil
dropped, and OPEC was formed in reaction to this drop in payments. In the early 1970s
international demand for oil began to exceed supply, and between 1973 and 1974 OPEC
brought about a near fourfold increase in international crude petroleum prices to almost
US$12 a barrel. In 1979 and 1980 OPEC members voted for a second round of price rises
which pushed petroleum prices above US$30 per barrel and exacerbated inflation problems in
the industrialized countries
COMPREHENSION (07pts)
1. What is the role of OPEC ?
2. How often do its members meet?
3. Why was OPEC formed ?
4. Did it succeed in rising oil prices ?
5. How many countries are members in OPEC?
synonyms
Find in the text words that are close in meaning to the following:
Give ……………………….. fall…………………………..
Raise…………………………….
COMPOSITION (05pts)
You are a journalist , make a dialogue with Ban ki-moon(UN general secretary) asking him
about what happened in Gaza, and about what the UN did to make peace in Palestine.