How to Answer: What is OPEC, and why does it matter?
Advice and answer examples written specifically for an Oil and Gas job interview.
12. What is OPEC, and why does it matter?
How to Answer
OPEC is the Organization of the Petroleum Exporting Countries. It's an intergovernmental body with a mission 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, a steady income to producers, and a fair return on capital for those investing in the petroleum industry.'
Show the interviewer that you have an understanding of OPEC and how it affects the way Company ABC does business.
1st Answer Example
"From my understanding, OPEC is a governing body that coordinates and unifies the petroleum policies of approximately 15 countries. OPEC decisions play an important role in the global oil market."
2nd Answer Example
"I understand OPEC to be an intergovernmental body that helps regulate the global oil market and international regulations. Could you share with me how OPEC affects the way Company ABC does business?"