The Organization of the Petroleum Exporting Countries (OPEC) is a group of oil-producing nations that coordinate and unify petroleum policies to ensure the stabilization of oil markets and secure a steady income for oil-producing countries.
OPEC members hold a significant share of the world’s oil reserves and production capacity, making the organization influential in global energy markets. OPEC works to regulate oil production among member countries to maintain price stability and promote economic cooperation. In addition to the 13 full members, OPEC also collaborates with other oil-producing nations through the OPEC+ agreement, which includes non-member countries like Russia and Mexico to manage global oil production levels.