Final answer:
OPEC is the consortium of oil-producing countries that significantly affects global oil prices due to its large share of world oil reserves. Most of these reserves are in the Middle East, leading to a contrast between oil owners and consumers. The correct option is 1.
Step-by-step explanation:
The consortium of oil-producing countries that holds a significant portion of the world's oil reserves and influences global oil prices is the Organization of Petroleum Exporting Countries (OPEC). As of 2018, OPEC had 15 member countries, including major oil producers such as Saudi Arabia, Iran, Iraq, Kuwait, and the United Arab Emirates.
Through production quotas (except for Iraq), OPEC countries manage their oil output to fulfill world demand and accordingly affect the oil market. This powerful influence was notably observed during the oil price increases in 2011, which were attributed to political instabilities in the Arab region, including Libya.
The geopolitical distribution of oil reserves is crucial, as most reserves are not controlled by the countries with the highest oil consumption. The majority of light crude oil, which is more valuable for its shorter-chain hydrocarbon molecules, is predominantly found in the Middle East. The contrast between who owns the oil and who consumes it highlights global tensions and the importance of international relations when it comes to energy resources.