What does OPEC stand for?

OPEC stands for the Organization of Petroleum Exporting Countries. This organization was founded in 1960 and is aimed at coordinating and unifying the petroleum policies of its member countries in order to secure fair and stable prices for petroleum producers, an efficient and regular supply of petroleum to consuming nations, and a fair return on capital for those investing in the petroleum industry. OPEC membership includes countries that have significant oil exports and plays a crucial role in the global oil market by regulating production levels to influence prices.

The other options do not accurately reflect the purpose or full name of the organization. The "Office for Petroleum Energy Control" and "Overseas Petroleum Exporters Coalition" are not established entities or recognized names associated with oil production and exportation. "Organization for Power and Energy Conservation" focuses on energy efficiency rather than the petroleum market, which further demonstrates why the correct choice is indeed the Organization of Petroleum Exporting Countries.