Final answer:
False, The statement that most top oil producers aren't in OPEC is false. OPEC members like Saudi Arabia, Iran, and Iraq are among the top oil producers and significantly influence global oil prices.
Step-by-step explanation:
The statement that 'most of the top 5 oil producers in the world are not in OPEC' is false. The Organization of Petroleum Exporting Countries (OPEC) is a significant consortium of oil-producing countries that heavily influence global oil prices. They do this by controlling a considerable portion of the world's oil reserves and managing the oil supply through production quotas to member countries. As of 2018, OPEC consists of 15 member countries, among them some are the world's top oil producers, including Saudi Arabia, Iran, and Iraq. Many factors can influence oil prices and production levels, such as new discoveries of oil reserves (like off the coast of Norway), changes in the economies of oil-consuming nations (like Japan), or geopolitical events (e.g., conflicts in the Middle East).