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Among the options provided, the correct answer is Option 3: Ecuador. Ecuador is the only country from South America, apart from Venezuela, that is a member of OPEC (Organization of the Petroleum Exporting Countries).
Here`s a detailed reasoning for why Ecuador is a member of OPEC:
1. OPEC Membership: OPEC is an intergovernmental organization consisting of 13 oil-producing countries. The organization`s primary objective is to coordinate and unify petroleum policies among its member countries in order to secure fair and stable prices for petroleum producers. Ecuador became a member of OPEC on December 1, 1973, making it one of the earliest members from outside the Middle East.
2. Oil Production: Ecuador is a significant oil-producing country in South America. It has proven oil reserves and a well-established oil industry. The country`s oil production plays a crucial role in its economy and export revenue. Being a member of OPEC allows Ecuador to participate in collective decisions related to oil production, pricing, and market stability.
3. OPEC`s South American Representation: Among the South American countries, Venezuela and Ecuador are the only members of OPEC. Venezuela, with its substantial oil reserves, has been a member since OPEC`s inception in 1960. Ecuador joined the organization later in 1973. The remaining options, Argentina, Brazil, and Bolivia, are not members of OPEC.
4. OPEC`s Global Influence: OPEC is known for its influence on global oil markets due to the combined production capacity of its member countries. By being a member, Ecuador gains access to a platform where major oil-producing nations collaborate on key issues related to energy policies, production quotas, and market stability. This membership helps Ecuador have a voice in discussions and decisions that can impact its oil-dependent economy.
In summary, Ecuador is the only South American country, apart from Venezuela, that is a member of OPEC. Its membership in OPEC provides Ecuador with a platform to collaborate with other major oil-producing nations, influence global oil markets, and participate in decision-making processes that affect its economy and energy policies.