Organization of the Petroleum Exporting Countries (OPEC)

The Organization of the Petroleum Exporting Countries (OPEC) is a group of oil-producing countries that collaborate to manage oil production and influence global oil prices. Founded in 1960, its members include major oil exporters like Saudi Arabia, Iraq, and Venezuela. OPEC aims to ensure stable prices for oil, which benefits both producers and consumers. By coordinating production levels among its members, OPEC seeks to balance supply and demand in the global market, helping to secure fair prices and steady income for its members while also considering the needs of the global economy.