Organisation of Petroleum Exporting Countries (OPEC).
OPEC is an intergovernmental organisation of 13 countries that seeks to homogenise the petroleum policies of member states and stabilise global oil markets. It has attracted extensive criticism for acting as a cartel and reducing competition in oil markets, and its control over the oil sector has made the organisation a key player in international relations; especially concerning the Middle East. However, technological developments in non-oil energy production are beginning to reduce OPEC’s influence on the global stage. This means that we are currently seeing an interesting time in the history of OPEC, due to the organisation’s need to innovate in response to such challenges.