In 1960, Iran, Iraq, Kuwait, and Saudi Arabia joined Venezuela to form the Organization of the Petroleum Exporting Countries (OPEC). How did forming this
organization allow those four Southwest Asian countries to gain billions of dollars to
modernize their economies?
O By creating a surplus, OPEC nations were able to set the prices for oil.
By increasing demand, OPEC nations were able to set the prices for oil.
O By controlling supplies, OPEC nations were able to set the prices for oil.
By lowering demand, OPEC nations were able to set the prices for oil.