OPEC

The Organization of the Petroleum Exporting Countries (OPEC) is a multinational organization founded in 1960 to coordinate and unify the petroleum policies of its member countries, ensuring the stabilization of oil markets. Comprising major oil-exporting nations, OPEC plays a crucial role in determining oil production levels and prices globally. Recently, OPEC and its allies, known as OPEC+, have made headlines by agreeing to a moderate increase in oil production, which has influenced global oil prices amidst concerns over supply and geopolitical tensions.