What actions have OPEC nations taken to affect the price of petroleum in the worldwide market?

OPEC nations have influenced global petroleum prices primarily through coordinated production cuts or increases, aimed at stabilizing or boosting prices. By agreeing to limit oil output, they can reduce supply in the market, which typically leads to higher prices. Conversely, OPEC can increase production to lower prices if they aim to maintain market share against competitors. Additionally, OPEC employs strategies like maintaining a price band or adjusting quotas in response to geopolitical developments and changes in global demand.