The Organization of Petroleum Exporting Countries (OPEC)
A) was founded in 1975.
B) was conceived as a collective-bargaining unit.
C) was organized in response to the formation of the European Community.
D) was effective in increasing the supply of oil.
E) has as its objective completely free trade among its members.

Question

Quizplus · Accepted Answer

OPEC was founded in 1960 and its primary objective was to coordinate and unify petroleum policies among its member countries in order to secure fair and stable prices for petroleum producers and a regular supply for consumers. It was conceived as a collective-bargaining unit to negotiate with multinational oil companies on behalf of its member countries. The organization has been effective in influencing oil prices through production quotas and other policy measures.