What is the role of the Organization of Petroleum Exporting Countries (OPEC)?

The Organization of Petroleum Exporting Countries (OPEC) is a group of 13 major oil-producing nations that work together to coordinate the production and pricing of oil. OPEC’s primary goal is to manage the supply of oil in the global market to stabilize prices and ensure a fair return for oil-producing countries. By regulating production levels, OPEC influences oil prices and impacts global energy markets. The organization plays a key role in the global economy, as oil is a crucial energy source for many industries, and fluctuations in oil prices can have wide-reaching effects on inflation, trade balances, and economic growth.