Organization of the Petroleum Exporting Countries (OPEC)

The Organisation of the Petroleum Exporting Countries is an intergovernmental organisation consisting of 14 countries that together possess 81.5% of the world’s proven oil reserves. OPEC seeks to ‘stabilise’ oil markets and secure an ‘efficient supply’ of oil to consumers, in addition to generating revenues for its members. It achieves this by setting targets and co-ordinating production, making it a highly influential player in the global economy. However, in the past few years, its monopoly on oil has been challenged by U.S. shale.
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