1. Economies of the Middle East
Israel- built an economy based on advanced technology which makes up for
what they lack in farmland and natural resources
Saudi Arabia- having rich oil reserves allows for Saudis to buy foreign goods
and invest in technologies to allow them to produce goods needed
 Iran- great oil wealth like Saudi Arabia, although most Iranians do not
share in the oil wealth/money; more of mixed economy is on the rise,
because the command economy’s poor efficiency in recent years
 Turkey-least economic freedom of the 3 previous countries; airlines,
railroads, telephone and television industries are controlled by the
government, with recent loosened control private ownership is being
allowed, and laws are being passed to support business owners.
OPEC
Organization of Petroleum Exporting Countries
What is the purpose of OPEC?
 OPEC is an international organization that has 12 members.
 Its purpose is to help members develop policies on oil production and
trade that will benefit each other.
What is the role of OPEC in the global oil market?
 The role of OPEC is to raise and lower the price of oil according to
market demand, availability, and other factors.
Are all members of OPEC Middle Eastern countries?
No, not all members of OPEC are Middle Eastern Countries
Are all oil producing countries members of OPEC?
No, not all oil producing countries are members of OPEC.
Who are the members of OPEC?
 The five founding countries are Iran, Iraq, Kuwait, Saudi Arabia, and
Venezuela.
 The other eight member countries are Qatar, Libya, United Arab
Emirates, Algeria, Nigeria, , and Angola.
What do you think?
 Why would oil exporting nations want to belong to OPEC?
 Why wouldn’t oil exporting nations want to belong to OPEC?
 What are the benefits of being a member of OPEC?