Final answer:
The correct statement about OPEC is that it regulates the price and supply of oil to create fair competition between oil producing countries. OPEC does not set all oil prices, is not limited to Middle Eastern countries, and there is no rule barring the U.S. from membership.
Step-by-step explanation:
The true statement about the Organization of Petroleum Exporting Countries (OPEC) from the options provided is: B) OPEC regulates the price and supply of oil on the world market to create fair competition between oil producing countries. OPEC is known for coordinating the oil production policies of its member countries to control the supply of oil on the global market, which in turn influences oil prices. While it is a significant entity in the oil industry, it does not set prices for all oil-producing countries, nor does it include only countries from the Middle East, as other nations such as Venezuela, Nigeria, and Ecuador, among others, are also members. Furthermore, there is no rule explicitly preventing the United States from being a member of OPEC, but as a major consumer and producer of oil, the U.S. has not sought membership.