OPEC created in 1960 controls production and sale of petroleum among member countries.

OPEC created in 1960 controls production and sale of petroleum among member countries.

• A. EU: European Union
• B. NAFTA: North American Free Trade Agreement
• C. ASEAN: Association of Southeast Asian Nations
• D. OPEC: Organization of Petroleum Exporting Countries

Answer: (D)

OPEC was created in 1960 to coordinate and unify petroleum policies among its member countries. Its main role is to manage petroleum production levels through coordinated quotas, which gives it influence over oil prices and the flow of oil to markets. This focus on regulating production and sale of petroleum among members is exactly what the statement describes, making it the best fit. The other groups are regional or trade-focused collaborations that do not center on controlling oilOutput. The European Union is a political and economic bloc of European nations; NAFTA (now USMCA) is a trade agreement among the United States, Canada, and Mexico; ASEAN is a cooperative association of Southeast Asian nations. None of these are built primarily to regulate oil production among member countries, so they don’t match the description.

OPEC was created in 1960 to coordinate and unify petroleum policies among its member countries. Its main role is to manage petroleum production levels through coordinated quotas, which gives it influence over oil prices and the flow of oil to markets. This focus on regulating production and sale of petroleum among members is exactly what the statement describes, making it the best fit.

The other groups are regional or trade-focused collaborations that do not center on controlling oilOutput. The European Union is a political and economic bloc of European nations; NAFTA (now USMCA) is a trade agreement among the United States, Canada, and Mexico; ASEAN is a cooperative association of Southeast Asian nations. None of these are built primarily to regulate oil production among member countries, so they don’t match the description.