The Organisation of Petroleum Exporting Countries is a group that was formed in 1960 in response to reductions in the prices that oil companies were willing to pay for crude oil.

Question

Quizplus · Accepted Answer

The statement is correct. OPEC was formed in response to oil companies' reductions in oil prices in 1960, with the goal of coordinating the policies of its member countries to stabilize oil markets and ensure fair prices for their petroleum exports.

The Organisation of Petroleum Exporting Countries Is a Group That