Organization of the Petroleum Exporting Countries (OPEC)

The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization of twelve oil-producing countries. OPEC has been the de facto global oil cartel since its establishment in 1960. The organization's objective is to coordinate and unify the petroleum policies of its member countries and ensure the stability of the global oil market.

OPEC members control about 80% of the world's proven crude oil reserves and about 50% of the world's daily oil production. The organization's headquarters are located in Vienna, Austria.

OPEC's main function is to set production quotas for its member countries. These quotas are designed to stabilize the global oil market and prevent prices from falling too low. OPEC also works to coordinate its members' oil policies and to promote the interests of the oil industry.

OPEC's influence on the global oil market has been significant. The organization has been able to use its control over supply to raise oil prices and to stabilize the market during periods of economic uncertainty. OPEC's actions have also had a significant impact on the global economy.

OPEC's influence has been declining in recent years. The rise of new oil producers, such as the United States, has reduced OPEC's share of the global oil market. In addition, OPEC members have been unable to agree on production quotas, which has led to a decline in oil prices.

Despite its declining influence, OPEC remains an important player in the global oil market. The organization's actions can still have a significant impact on oil prices and the global economy.

OPEC has been criticized for its role in the global oil market. Critics argue that the organization has used its power to artificially inflate oil prices and to enrich its member countries. OPEC has also been accused of using its power to manipulate the global economy.

Despite these criticisms, OPEC remains an important player in the global oil market. The organization's actions can still have a significant impact on oil prices and the global economy.