OPEC (Organization of the Petroleum Exporting Countries)
Definition
OPEC is an international organization founded in 1960 that consists of 13 oil-exporting developing nations that coordinate policies related to petroleum production.
Analogy
Imagine OPEC as a team in a relay race where each runner represents an oil-producing country. They need to work together strategically so they can win the race against other teams (non-OPEC countries).
Related terms
Non-renewable Resources: Natural resources such as coal, gas, or oil that cannot be replenished once used up.
Petroleum Exporting Countries: Countries whose primary exports are petroleum-based products.
Cartel: An association of manufacturers or suppliers designed to maintain high prices and restrict competition.
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