OPEC (Organization of Petroleum Exporting Countries): OPEC is an international organization consisting mainly of oil-producing countries that coordinate policies regarding petroleum production levels, prices, and exports.
Resource Curse:The resource curse refers to the phenomenon where countries rich in natural resources (like oil) often experience negative consequences such as corruption, economic instability, and social inequality.
Petrostate: A petrostate is a country whose economy heavily relies on revenue generated from the production and export of petroleum products. These nations often face unique political and economic challenges associated with the volatility of oil prices.