Organization of the Petroleum Exporting Countries

OPEC, or the Organization of the Petroleum Exporting Countries, is a group of countries that produce a large share of the world's oil. Founded in 1960, its main goal is to coordinate and unify petroleum policies among member countries to ensure stable oil markets and fair prices. By working together, OPEC members can influence global oil supply and prices, benefiting their economies. While not all oil-exporting nations are members, OPEC's decisions impact global energy markets, affecting fuel prices and energy costs worldwide.