Petroleum Exporting Countries

Petroleum Exporting Countries (OPEC) is an organization of countries that produce and sell most of the world's oil. They collaborate to manage oil supply, aiming to stabilize prices and ensure stable markets. By coordinating production levels, OPEC influences global oil prices, which impact economies worldwide. Its member countries include major oil producers like Saudi Arabia, Iraq, Iran, and Venezuela. OPEC's decisions are closely watched because they can affect fuel prices, inflation, and energy markets globally. Essentially, OPEC works to balance oil supply to benefit its member nations and the global economy.