OPEC, or the Organization of the Petroleum Exporting Countries, is an international organization founded in 1960 by a group of oil-producing countries. OPEC's goal is to cooperate in the field of oil production and ensure stability in oil prices in global markets.
OPEC members include countries with rich oil resources such as Saudi Arabia, Iran, Iraq, Kuwait, Venezuela, and others. The organization also includes several oil-producing countries outside OPEC, such as Russia and Kazakhstan.
One of OPEC's key activities is regulating the level of oil production by its members. They regularly hold meetings to discuss oil production quotas for each member country. These quotas can be increased or decreased depending on current market conditions and the demand in the global oil market. OPEC's decisions can have a significant impact on global oil prices and, consequently, on the global economy. The organization remains a key player in the global energy arena and continues to influence global economic trends.
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What is OPEC?
OPEC, or the Organization of the Petroleum Exporting Countries, is an international organization founded in 1960 by a group of oil-producing countries. OPEC's goal is to cooperate in the field of oil production and ensure stability in oil prices in global markets.
OPEC members include countries with rich oil resources such as Saudi Arabia, Iran, Iraq, Kuwait, Venezuela, and others. The organization also includes several oil-producing countries outside OPEC, such as Russia and Kazakhstan.
One of OPEC's key activities is regulating the level of oil production by its members. They regularly hold meetings to discuss oil production quotas for each member country. These quotas can be increased or decreased depending on current market conditions and the demand in the global oil market. OPEC's decisions can have a significant impact on global oil prices and, consequently, on the global economy. The organization remains a key player in the global energy arena and continues to influence global economic trends.
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