How does the Organization of the Petroleum Exporting Countries (OPEC) impact the global economy?(1 point)
Responses
By regulating global currency exchange rates
By regulating global currency exchange rates
By controlling the production and pricing of oil, influencing energy markets worldwide
By controlling the production and pricing of oil, influencing energy markets worldwide
By overseeing international trade agreements and tariffs
By overseeing international trade agreements and tariffs
[By managing the distribution of agricultural products across borders
[By managing the distribution of agricultural products across borders
1 answer
None of the above. OPEC impacts the global economy by influencing the supply and demand of oil, which in turn affects energy prices and economic activity worldwide. This can lead to increased costs for consumers, businesses, and governments, as well as potential inflation and slower economic growth in oil-importing countries.