OPEC (Organization of the Petroleum Exporting Countries) was established to allow oil-producing countries to gain more control over the production, pricing, and distribution of oil, thereby curbing the dominance of foreign oil companies and ensuring that member states could collectively manage and influence global oil markets to their benefit.

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OPEC Was Formed To

Question 13

Multiple Choice

OPEC was formed to:

A) strengthen the power of foreign companies in oil-producing countries.
B) decrease dependence on Middle Eastern oil.
C) curb the monopoly concessions of foreign companies and to better control production and prices.
D) cause a recession in the Western economies that depended on cheap oil.

Correct Answer: