How does the Organization of the Petroleum Exporting Countries (OPEC) impact the global economy?(1 point)
By managing the distribution of agricultural products worldwide.
By controlling the production and pricing of oil, influencing energy markets worldwide
By overseeing international trade agreements
related to petroleum products.
By setting production quotas for member countries, affecting oil prices and supply levels in the global market.
By influencing geopolitical relationships and conflicts due to their control over a significant portion of the world's oil reserves.
By impacting inflation rates and consumer spending due to fluctuations in oil prices.