Organization of Petroleum Exporting Countries
The Organization of Petroleum Exporting Countries (OPEC) is an influential international organization founded on September 14, 1960, in Baghdad, Iraq. It was established to coordinate and unify petroleum policies among member countries to secure stable oil prices and steady supply to oil-consuming nations.
OPEC has significantly shaped global energy policies and the oil market for over six decades. As a powerful organization composed of major oil-producing nations, OPEC’s actions and decisions continue to have a considerable impact on the global economy, international relations, and popular culture.