Question

<!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--> Diman is the biggest oil manufacturing country in the world. It produces about 70% of the total oil produced in the world. Hence, it rules the world's oil market. It is willing to sell oil at exorbitant prices such that it is out of reach of many countries.

However, it cannot sell oil at such high rates. How is that possible?

• A. The Oil and Petroleum Exporting Countries coordinates with the petroleum policies of oil-producing nations and ensures regular supply of oil at right prices.
• B. The Organization of the Petroleum Exporting Countries coordinates with the petroleum policies of oil-producing nations and ensures regular supply of oil at right prices.
• C. The Indian Oil Corporation coordinates with the petroleum policies of oil-producing nations and ensures regular supply of oil at right prices.
• D. The Bureau of Land Management (BLM) Oil and Gas coordinates with the petroleum policies of oil-producing nations and ensures regular supply of oil at right prices.

Answer 1

The correct option is B The Organization of the Petroleum Exporting Countries coordinates with the petroleum policies of oil-producing nations and ensures regular supply of oil at right prices.

The Organization of Petroleum Exporting Countries or OPEC was founded in 1960 to coordinate the petroleum policies of its members and provide member states with technical and economic aid. It consists of 14 of the world's major oil-exporting nations like Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela (the five founders), plus the United Arab Emirates, Libya, Algeria, Nigeria, and five other countries. It coordinates the oil policies of oil-producing countries to ensure a regular supply of oil at a reasonable price.