Entity: OPEC
OPEC, short for Organization of the Petroleum Exporting Countries, is an intergovernmental organization founded in 1960 by oil-producing nations. It aims to coordinate and unify petroleum policies among its member countries to ensure fair and stable prices in the global oil market.
OPEC
Etymology
The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries.
Definition
OPEC is a multinational organization established in 1960 by major oil-producing countries to regulate oil production and pricing.
Historical Context
OPEC was founded by Iran, Iraq, Saudi Arabia, Kuwait, and Venezuela in 1960 to coordinate output targets and nationalize oil production. Over the years, additional countries have joined, including Libya, the United Arab Emirates, Algeria, Nigeria, and others.
Cultural Significance
OPEC plays a crucial role in the global oil market, influencing oil prices and supply levels. The organization's decisions have a significant impact on the economies of member and non-member countries alike.
Related Concepts
OPEC is often associated with discussions on energy policy, oil production, and international trade agreements.
See Also
- [Oil Market](link to oil market wiki entry)
- [Petroleum Industry](link to petroleum industry wiki entry)
A multinational organization established in 1960 by major oil-producing countries to regulate oil production and pricing.