Organisation of the Petroleum Exporting Countries (OPEC)

The Organisation of the Petroleum Exporting Countries (OPEC) is a group of oil-producing nations that collaborate to regulate oil production and influence global oil prices. Founded in 1960, OPEC aims to ensure stable oil markets, fair prices for producers, and a reliable supply for consumers. Member countries coordinate their production levels to manage market supply, which can affect prices at the pump. OPEC’s influence is significant because it controls a large portion of the world's oil reserves, making its decisions important for both the global economy and energy policy.