How do regional economic blocs affect global trade relationships?
In the next activity, your team will analyze data that describe how economic blocs affect the production and trade of one of the world’s most important commodities, oil. Your team will also look at oil production data for members of the Organization of Petroleum Exporting Countries (OPEC), an international organization of developing countries that are heavily reliant on oil revenues as their main source of income. There are currently twelve members of OPEC: Algeria, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela.
