What Does OPEC Stand For?

OPEC stands for Organization Of Petroleum Exporting Countries

OPEC, or the Organization of the Petroleum Exporting Countries, is an intergovernmental organization founded in 1960 to coordinate and unify the petroleum policies of its member countries. Comprising some of the world's largest oil-producing nations, OPEC aims to ensure the stabilization of oil markets, secure a steady income for oil-producing nations, and provide a fair supply of oil to consumers. The organization plays a crucial role in influencing global oil prices and is headquartered in Vienna, Austria.