Organization of the Petroleum Exporting Countries

The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization founded in 1960 to coordinate and unify the petroleum policies of its member countries. OPEC's primary goal is to ensure the stabilization of oil markets, securing a steady supply of oil to consumers, and providing a fair return on capital to those investing in the petroleum industry. The organization plays a crucial role in influencing global oil prices and production levels. OPEC's member countries include some of the world's largest oil producers, and it operates primarily in the energy sector, focusing on oil production and exportation. Through its collective efforts, OPEC aims to maintain a balance between supply and demand in the oil market, contributing to economic stability.