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1. Look through the words and word combinations which appear in the video.

stand for – служить обозначением, обозначать

found – основывать (организацию, учреждение)

founding member – основатель, учредитель

current member – современный, являющийся участником организации на текущий момент

consumer – потребитель

effect – последствие

oil price — цена на нефть

oil price drop – падение цены на нефть

rise – подниматься; подъем

affect – влиять, оказывать влияние

2. Watch the video WHAT IS OPEC and answer the questions.

1. What does the abbreviation OPEC stands for? It is the Organization of the Petroleum Exporting Countries

2. When was this organization founded? OPEC was founded in 1960.

3. What countries were the founding members? Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela were the founding members. 

4. Why was this organization founded? The purpose of OPEC for members is to «coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers.

5. What are the current members of this organization? The current OPEC members are the following: Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia (the de facto leader), United Arab Emirates, and Venezuela.

6. Where do the OPEC members meet to discuss the problems? The OPEC members meet to discuss the problems in Bagdad.

7. What are the biggest consumers of oil in the world? The United States is the world’s biggest oil consumer, followed by China, Japan and India.

8. What was the effect of oil price drop for Venezuela? When oil dropped significantly below that price level, the country’s margins were squeezed to the point where it did not meet its spending, resulting in ballooning debt.

9. Since what year have oil prices been steadily rising? Since 2000 have oil prices been steadily rising.

10. What factors affect the oil price? ​Unlike most products, oil prices are not determined entirely by supply, demand and market sentiment toward the physical product. Rather, supply, demand and sentiment toward oil futures contracts, which are traded heavily by speculators, play a dominant role in price determination.