Correct option is D
Venezuela is the only South American country that is a member of the Organization of the Petroleum Exporting Countries (OPEC). It joined OPEC in 1960 as a founding member along with Iran, Iraq, Kuwait, and Saudi Arabia.
- Venezuela has the world’s largest proven oil reserves (over 300 billion barrels).
- It is a major crude oil exporter and heavily depends on oil revenues.
- OPEC regulates oil production and pricing among its member nations.
Thus, the correct answer is:
Venezuela
Information Booster:
OPEC
- Founded in 1960 to regulate global oil prices and production.
- Currently has 13 member countries (mainly from the Middle East, Africa, and South America).
Venezuela’s Role in OPEC:
- One of the largest oil exporters in the world.
- Faces economic crises due to sanctions and oil dependency.
- OPEC+ (including Russia) helps stabilize global oil markets.