Question

Why did Venezuela help form OPECO P E C, the Organization of Petroleum Exporting Countries?(1 point)
Responses

Venezuela wanted to protect its role in the oil industry.
Venezuela wanted to protect its role in the oil industry.

Other oil-producing countries forced it to join or lose money.
Other oil-producing countries forced it to join or lose money.

Venezuela wanted to make sure other countries did not produce oil.
Venezuela wanted to make sure other countries did not produce oil.

This was part of Venezuela’s import substitution industrialization policy.
This was part of Venezuela’s import substitution industrialization policy.

Answer 1

Venezuela wanted to protect its role in the oil industry.

(They helped form OPEC to coordinate production and prices, defend member revenues, and reduce control by foreign oil companies.)