Final answer:
The 'O' in OPEC stands for Organization, part of the acronym for the Organization of Petroleum Exporting Countries, an influential entity in the global oil market.
Step-by-step explanation:
The "O" in OPEC stands for Organization. OPEC is an acronym for the Organization of Petroleum Exporting Countries. This organization was formed in 1960 by oil-exporting nations to collaborate in maximizing profits from oil exports. With most of its members located in the Middle East and others like Venezuela, Angola, Nigeria, and Ecuador, OPEC has played a significant role in the global oil market, including influencing oil prices by coordinating policies among member countries.