Question

Why was OPEC created?

Answer 1

A. to regulate the supply and price of oil (according to the options given)

True answer is as follows:
to regulate the supply and price of oil the members of OPEC have created somewhat of a monopoly to get the highest possible price for the limited supplies of oil without getting into a price war with each other. 

OPEC was also created to deter any technological advances from other countries such as the US and Japan from developing an alternative to petroleum based on the given economics of the era...which is actually a moot point in this day and age since there are alternatives to petroleum such as ethanol and electrical cars. At the present time it is still cheaper to have a gas fueled vehicle versus an electrical vehicle.

Answer 2

A should be correct    :)