OPEC Oil

OPEC, or the Organization of the Petroleum Exporting Countries, is a group of 13 countries that collectively produce and export a significant portion of the world’s oil. OPEC was established in 1960 to coordinate policies among its member countries and to stabilize oil markets by managing production levels. OPEC oil refers to the crude oil produced by these member countries, which is often sold at a premium due to the collective market power of the organization.