Question

Which of the following most accurately describes the motivations for forming the Organization of Petroleum Exporting Countries (OPEC)?(1 point) Responses OPEC allows participating countries to participate in greater trade, ensuring their own access to oil. OPEC allows participating countries to participate in greater trade, ensuring their own access to oil. - no response given OPEC is the result of a system of treaties designed to allow free trade between member countries. OPEC is the result of a system of treaties designed to allow free trade between member countries. - no response given OPEC allows participating members to resolve political disputes between themselves. OPEC allows participating members to resolve political disputes between themselves. - incorrect OPEC allows participating countries to coordinate oil policy, impacting the price of oil globally. OPEC allows participating countries to coordinate oil policy, impacting the price of oil globally. - no response given Incorrect

Answer 1

The statement that most accurately describes the motivations for forming the Organization of Petroleum Exporting Countries (OPEC) is:

"OPEC allows participating countries to coordinate oil policy, impacting the price of oil globally."

OPEC was established primarily to manage the supply of oil in order to influence global oil prices and stabilize the market for its member countries.