HiSET Social Studies Study Questions

Answer - B - The Organization of Petroleum Exporting Countries, or OPEC, has played the most influential role in determining the price and production level of oil in the post- World War II era.

Key Takeaway: The Organization of Petroleum Exporting Countries, otherwise known as OPEC, is a cartel consisting of several different countries: Iran, Kuwait, Algeria, Iraq, Libya, Nigeria, Ecuador, Venezuela, Saudi Arabia, Qatar, Angola, and the United Arab Emirates. OPEC’s main goal is to find ways to ensure stabilized prices in international oil markets. OPEC’s 1970s embargo on oil greatly affected the energy-dependent economies of the West.