How does the Organization of the Petroleum Exporting Countries (OPEC) impact the global economy?(1 point) Responses By overseeing international trade agreements By overseeing international trade agreements By controlling the production and pricing of oil, influencing energy markets worldwide By controlling the production and pricing of oil, influencing energy markets worldwide By managing the distribution of agricultural products worldwide.
OPEC impacts the global economy by controlling the production and pricing of oil, which affects energy markets worldwide. This can lead to fluctuations in fuel prices, which can impact industries that rely on oil and gas, as well as consumers who depend on energy for transportation and heating. Additionally, OPEC's decisions can influence inflation rates, economic growth, and geopolitical power dynamics on a global scale.
