OPEC (Organization of the Petroleum Exporting Countries)
OPEC is an alliance of oil-producing nations that coordinate production policies to influence global oil supply and prices.
Quick Reference:
Cartel. Set Global Prices. Fuel Industry.
Expanded Definition:
Formed in 1960, OPEC includes countries such as Saudi Arabia, Iraq, and the United Arab Emirates. By adjusting collecctive oil output, OPEC can impact global prices. Especially when demand fluctuates or during geopolitical tensions. Its decisions ripple through the energy market, affecting petrol costs, inflation, and even central bank policy worldwide. OPEC meetings and announcements are closely watched by investors and governemnts alike.