OPEC (Organization of the Petroleum Exporting Countries)

OPEC, or the Organization of the Petroleum Exporting Countries, is a group of oil-producing nations that coordinates their oil production and pricing policies. Founded in 1960, its main goal is to ensure stable oil markets and secure fair prices for producers and consumers. OPEC members, including countries like Saudi Arabia, Venezuela, and Iran, work together to manage production levels to influence global oil supply and prices, impacting economies worldwide. By collaborating, they aim to balance the interests of oil-exporting nations with the demand of oil-importing countries.