Organization of Petroleum Exporting Countries (OPEC)

OPEC, or the Organization of the Petroleum Exporting Countries, is a group of countries that produce a large portion of the world's oil. They work together to coordinate and manage oil production levels to influence global oil prices, aiming for stability and fair income for member nations. By setting production quotas, OPEC helps prevent excessive price swings and ensures steady supplies. Member countries include major oil-producing nations mainly in the Middle East, Africa, and South America. OPEC's decisions impact global economies since oil prices affect transportation, industry, and daily living costs worldwide.