Which of the following most accurately describes the motivations for forming the Organization of Petroleum Exporting Countries (OPEC)?

Question

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. OPEC allows participating members to resolve political disputes between themselves. OPEC allows participating members to resolve political disputes between themselves. 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.
OPEC allows participating countries to participate in greater trade, ensuring their own access to oil.

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 oil production and to ensure stable prices for petroleum on the global market, thereby protecting the interests of its member countries. This coordination helps to influence the supply of oil and, consequently, its price on the international market.