Which organization controls global oil production and pricing?

• A. OPEC
• B. WTO
• C. IMF and World Bank
• D. OAS

Answer: (A)

Influence over global oil supply and pricing comes primarily from coordinating production among major oil-producing nations. OPEC, the Organization of the Petroleum Exporting Countries, does exactly that: it unites member countries to manage and set production quotas. By adjusting how much oil is pumped, it can tighten or loosen global supply, which tends to move prices up or down in the market. The price itself is determined by market forces, but OPEC's decisions have a significant impact because a large share of world oil comes from its members.

The World Trade Organization handles international trade rules, the IMF and World Bank focus on financial stability and development, and the Organization of American States is a regional political body. None of these directly control oil production or influence prices in the way OPEC does.