Opec

OPEC, or the Organization of the Petroleum Exporting Countries, is a coalition of oil-producing nations that coordinates their oil production policies to manage the supply and price of oil in the global market. Founded in 1960, OPEC aims to ensure stable oil prices and fair incomes for its member countries, which include major producers like Saudi Arabia, Iraq, and Venezuela. By working together, these countries can influence oil prices, affecting economies worldwide, as oil is a critical resource for energy, transportation, and industry.