What does the acronym 'OPEC' stand for in global energy affairs?
A
Organization of Petroleum Exporting Countries
B
Organization for Pacific Economic Cooperation
C
Overseas Petroleum and Energy Council
D
Oil Producers Economic Community
Correct Answer: Option A — Organization of Petroleum Exporting Countries
Explanation:
OPEC, the Organization of Petroleum Exporting Countries, is an intergovernmental cartel that coordinates oil production policies among its member nations to influence global oil prices.