How does the Organization of the Petroleum Exporting Countries (OPEC) impact the global economy?
A By regulating global currency exchange rates
B By controlling the production and pricing of oil, influencing energy markets worldwide
C By overseeing international trade agreements and tariffs
D By managing the distribution of agricultural products across borders
B By controlling the production and pricing of oil, influencing energy markets worldwide
OPEC impacts the global economy by controlling the production and pricing of oil, which in turn affects energy markets worldwide. The organization plays a significant role in setting oil prices and ensuring stability in the oil market, which has a direct impact on the global economy as oil is a key commodity used in various industries across the world. Changes in oil prices can lead to fluctuations in inflation, production costs, and consumer spending, making OPEC a major player in the global economy.