OPEC (Organization of the Petroleum Exporting Countries)

OPEC (Organization of the Petroleum Exporting Countries) is an intergovernmental organization that was founded in 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. It currently consists of 13 member countries primarily located in the Middle East, Africa, and South America.

The primary objective of OPEC is to coordinate and unify its member countries' petroleum policies, secure fair and stable prices for petroleum producers, and ensure a regular supply of petroleum to consumers. OPEC member countries collectively control around 44% of the world's crude oil production and hold more than 81.5% of the world's "proven" oil reserves. Its decisions can significantly impact global oil prices and the world economy.

In recent years, OPEC has begun making agreements with its member states and a group of 10-11 non-OPEC oil-producing countries, including Russia, which wields solid political power. This unofficial coalition is typically called OPEC+ by writers, analysts, and even OPEC members.