World oil supplies and prices are expected to be controlled long-term by
A) OPEC
B) the United States
C) Mexico
D) Russia
E) Saudi Arabia

Question

Quizplus · Accepted Answer

OPEC (Organization of Petroleum Exporting Countries) controls around 44% of the world's oil production, making it a dominant force in the global oil market. OPEC's decisions and actions, such as production cuts or increases, have a significant impact on oil prices and supply. Therefore, OPEC is expected to play a key role in the long-term control of world oil supplies and prices.

World Oil Supplies and Prices Are Expected to Be Controlled