OPEC's five original founders accounted for what percentage of the world's oil exports?

OPEC's five original founders accounted for what percentage of the world's oil exports?

• A. 60%
• B. 80%
• C. 70%
• D. 90%

Answer: (B)

The main idea here is recognizing how dominant the initial OPEC members were in global oil trade. The five founding members—Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela—were the major exporters at the time, and their combined oil exports accounted for roughly eighty percent of the world total. That outsized share gave them significant influence over prices and supply, which is why this option is the best fit. Other figures understate or overstate their impact: sixty percent is too low for the early dominance, seventy percent is commonly cited but less precise, and ninety percent ignores substantial exports from other producers. So the eighty percent figure best captures their substantial monopoly over global oil exports when OPEC formed.

The main idea here is recognizing how dominant the initial OPEC members were in global oil trade. The five founding members—Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela—were the major exporters at the time, and their combined oil exports accounted for roughly eighty percent of the world total. That outsized share gave them significant influence over prices and supply, which is why this option is the best fit. Other figures understate or overstate their impact: sixty percent is too low for the early dominance, seventy percent is commonly cited but less precise, and ninety percent ignores substantial exports from other producers. So the eighty percent figure best captures their substantial monopoly over global oil exports when OPEC formed.