Question

What is the difference between the OPEC and APEC in terms of their functions?

Answer 1

	OPEC	APEC
(i)	OPEC stands for Organisation of Petroleum Exporting Countries.	APEC stands for Asia-Pacific Economic Cooperation (APEC).
(ii)	OPEC is the organisation of oil-producing and exporting countries.	APEC is the regional organisation of the countries in the Asia Pacific region.
(iii)	It keeps control over the international trade of crude oil.	It promotes free trade and economic cooperation among the member countries.
(iv)	It keeps control on the rates of crude oil production among member states.	It promotes regional and technical cooperation among members.