What does OPEC stand for?

OPEC stands for the Organization of Petroleum Exporting Countries. This organization was formed to coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets in order to secure a steady supply of oil to consumers and a fair return on capital to those investing in the petroleum industry.

The correct choice reflects the primary function of OPEC, which is to facilitate collaboration among oil-producing nations to manage oil production levels and influence global oil prices. The accurate terminology in this answer underscores the group's focus on exporting rather than exploiting or other economic cooperation, which are mischaracterizations of its core mission. The phrase “Exporting Countries” explicitly indicates that the member states are primarily those that produce oil and seek to control their exports, making this choice readily recognizable as the correct definition.