OPEC is short for the Organization of Petroleum Exporting Countries. It is a group of oil-producing nations that work together to regulate global oil prices and ensure stable supplies.
Related terms
Oil Cartel: A group of countries or companies that collaborate to control the production and price of oil.
Crude Oil: Unrefined petroleum extracted from underground reserves, used as a raw material for various products.
Petroleum: A thick, dark liquid consisting mainly of hydrocarbons, found beneath the Earth's surface and used as fuel.