Organization of Petroleum Exporting Countries (OPEC)

Definition

The Organization of Petroleum Exporting Countries (OPEC) is an intergovernmental organization of 13 oil-producing nations that coordinates and unifies the petroleum policies of its member countries to ensure the stabilization of oil markets. It aims to secure a steady income to producers and a fair return on capital for those investing in the petroleum industry.

Related terms

Global governance: The collective efforts by international organizations, states, and other entities to manage global issues and ensure orderly conduct among nations.

International law: A body of rules established by treaty or custom that is recognized and binding among nations in their relations with one another.

Intergovernmental Organizations (IGOs): Entities created by treaty, involving two or more nations, to work on issues of common interest with each other and with international actors