Organization of the Petroleum Exporting Countries (OPEC)

The Organization of the Petroleum Exporting Countries (OPEC) is a cartel of oil-producing countries that aims to coordinate production, stabilize prices, and allocate market share. Founded in 1960 by five founding members – Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela – OPEC's primary goal is to ensure a stable global energy market. Recently, OPEC has faced challenges due to the US-Israeli war on Iran, which has impacted oil production and prices. Despite this, OPEC has agreed to increase oil output quotas by 206,000 barrels per day for May, albeit with some key members unable to meet their targets. This move is largely symbolic, as it reflects the current uncertainty in the global energy landscape. The ongoing conflict has led to increased US exports and China's push towards renewable energy sources, making OPEC's decisions more relevant than ever. As a result, OPEC's actions will continue to shape the global energy market and its impact on economies worldwide.