OPEC

The Organization of the Petroleum Exporting Countries (OPEC) is a cartel of oil-producing countries that aims to stabilize the global oil market through cooperation. Founded in 1960, OPEC's member countries produce over 40% of the world's crude oil. The organization's recent news highlights its impact on global energy markets due to the ongoing conflict in Iran and rising oil prices. With the US and Israel's military actions against Iran, OPEC has seen a significant decrease in production, leading to increased oil prices. As tensions between the US and Iran escalate, OPEC is closely monitoring the situation and considering potential adjustments to its production levels. The organization's decisions have far-reaching implications for global energy markets, economies, and politics.