Question

opec one paragraph

Answer 1

The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization founded in 1960, consisting of oil-producing nations that coordinate and unify their petroleum policies to ensure the stability of oil markets and secure a steady supply of oil to consumers. Comprising member countries from the Middle East, Africa, and South America, OPEC plays a crucial role in influencing global oil prices through production quotas and agreements. The organization aims to balance the interests of oil-producing countries with those of consumers and strives to provide fair and stable prices for petroleum producers while ensuring a reliable supply for consumers. OPEC's decisions can significantly impact the global economy, given the essential role of oil in energy production and transportation.