Which organization was formed around oil crises in the 1970s?

Which organization was formed around oil crises in the 1970s?

• A. OPEC
• B. NATO
• C. OAS
• D. IMF

Answer: (A)

Oil-producing nations coordinating their production and pricing to influence global markets is the key idea here. In the 1970s, the organization that acted as a cartel of major oil exporters used its collective power to drive price spikes and supply decisions during the energy crises, most famously through the 1973 embargo and the subsequent price increases. This is why the organization associated with those crises is the one dedicated to petroleum exporting and policy coordination among its members. The other groups have different roles: NATO is a defense alliance, OAS focuses on cooperation among American states, and the IMF deals with international monetary issues, not oil production or pricing.

Oil-producing nations coordinating their production and pricing to influence global markets is the key idea here. In the 1970s, the organization that acted as a cartel of major oil exporters used its collective power to drive price spikes and supply decisions during the energy crises, most famously through the 1973 embargo and the subsequent price increases. This is why the organization associated with those crises is the one dedicated to petroleum exporting and policy coordination among its members. The other groups have different roles: NATO is a defense alliance, OAS focuses on cooperation among American states, and the IMF deals with international monetary issues, not oil production or pricing.