<u>The answer is option 1: A coalition of nations who produce and export oil.</u>
The Organization of Petroleum Exporting Countries is a coalition of nations who produce and export oil, founded in 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela, the five major oil-producing countries. Nowadays, it has 14 members.
Besides producing and exporting oil, the OPEC also aims to coordinate and unify policies regarding the petroleum among Member Countries, in order to secure fair and stable prices for their producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.
