Question

Which statement is true of OPEC?

â¢a. OPEC sets production quotas in order to restrict supply.
b. 'The United States is a leading member of OPEC.
c. Saudi Arabia is an occasional and minor player in OPEC.
d. OPEC includes only nations from the Middle East.

Answer 1

The statement that is true of OPEC is that OPEC sets production quotas in order to restrict supply.

Step-by-step explanation:

The statement that is true of OPEC is a. OPEC sets production quotas in order to restrict supply. OPEC, which stands for the Organization of Petroleum Exporting Countries, is a cooperative formed by oil-exporting nations. Its members seek ways to maximize profits related to oil exports, and one of the ways they do this is by setting production quotas to control the supply of oil.

Answer 2

The correct statement about OPEC is that it sets production quotas to manage the supply and influence oil prices. Saudi Arabia is a key member, and OPEC's membership includes various countries outside the Middle East, while the US is not a member.

Step-by-step explanation:

The Organization of Petroleum Exporting Countries (OPEC) is a cooperative formed in 1960 by oil-exporting nations. The true statement about OPEC is that it sets production quotas in order to restrict supply, with the intent of influencing global oil prices and maximizing profits from oil exports. OPEC includes members beyond the Middle East, such as Venezuela, Nigeria, and Angola. Moreover, Saudi Arabia is not an occasional player but a central and influential member of OPEC. The United States is not a member of OPEC, and OPEC's membership extends beyond the Middle Eastern nations.