How does the Organization of the Petroleum Exporting Countries (OPEC) impact the global economy?(1 point) Responses By regulating global currency exchange rates By regulating global currency exchange rates 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 overseeing international trade agreements and tariffs By overseeing international trade agreements and tariffs [By managing the distribution of agricultural products across borders
By controlling the production and pricing of oil, OPEC significantly impacts the global economy. OPEC member countries produce a large percentage of the world's oil supply, allowing them to have a significant influence on the global oil market. By coordinating production levels and setting oil prices, OPEC can affect energy markets worldwide, influencing everything from fuel prices to economic growth rates in oil-importing countries. As a result, OPEC decisions can have far-reaching implications for the global economy, affecting everything from inflation rates to consumer spending.
