Organization of the Petroleum Exporting Countries (OPEC)

The Organization of the Petroleum Exporting Countries (OPEC) is a permanent intergovernmental organization comprising 13 oil-exporting developing nations, created in 1960. OPEC seeks to coordinate and unify petroleum policies among its member countries, ensuring the stabilization of oil markets. This is aimed at securing stable income to oil-producing countries, an efficient, economic, and regular supply of petroleum to consuming nations, and a fair return on capital for those investing in the industry. The organization's decisions can significantly impact global oil prices and consequently affect the global economy.