What is the OPEC cartel?

The Organization of the Petroleum Exporting Countries (OPEC) is a coalition of oil-producing nations established in 1960 to coordinate and unify petroleum policies among member countries. Its primary aim is to secure fair and stable prices for petroleum producers, ensure a regular supply of oil to consumers, and provide a fair return on capital to those investing in the industry. OPEC's decisions can significantly influence global oil prices and production levels, impacting the global economy. The organization currently includes several key oil-exporting countries, primarily from the Middle East, Africa, and South America.