Multiple choice Which of the following statements about the OPEC is not correct? Its membership is open to every country. It was formed in 1960. It was formed to control production & pricing of crude oil. It has been successful in determining world oil prices to a large extent. Reveal answer Fill a bubble to check yourself A Correct answer Explanation OPEC membership is NOT open to every country - only countries that are substantial net exporters of oil can apply, and existing members must approve new admissions. OPEC was indeed formed in 1960 by five founding members to coordinate oil policies.