What is OPEC and how does it control oil prices?

Founded in 1960, the Organisation of Petroleum Exporting Countries (OPEC) is made up of 13 oil-exporting nations. These countries produce about 40% of the world’s crude oil and account for around 60% of the total petroleum traded globally. Because of this, their decision to increase or reduce oil supply can significantly impact oil prices. Since 2010, some non-OPEC oil-producing countries (called OPEC allies) such as Russia have also attended the OPEC meeting to decide oil output. Together, the group is referred to as OPEC+.


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