Many of the oil-producing countries of the world organized themselves into a cartel to regulate the production and the pricing of oil: this cartel is called:
A) the Organization of Oil Producing Countries (OOPC).
B) the Oil Producing Countries United (OPCU).
C) the Organization of Petroleum Exporting Countries (OPEC).
D) the Petroleum Producing Countries United (PPCU).
E) the Association of Petroleum Exporting Countries (APEC).

Question

Quizplus · Accepted Answer

The correct answer is the Organization of Petroleum Exporting Countries (OPEC). OPEC is a cartel made up of 14 countries, including Saudi Arabia, Iran, Iraq, and Venezuela, among others. OPEC controls a significant portion of the world's oil reserves and production, and its member countries work together to coordinate oil production levels and prices to ensure their mutual economic interests are met.

Many of the Oil-Producing Countries of the World Organized Themselves