OPEC stands for the Organisation of the Petroleum Exporting Countries. It was founded in 1960 with the specific goal of managing the supply of oil in an effort to set the price of oil on the world market.

The primary objectives of OPEC are:

• Coordination and Unification: Aligning the petroleum policies of member countries to ensure stability in the oil market.

• Price Stability: Preventing fluctuations that could be harmful to both producers and consumers.

• Steady Income: Securing an efficient, economic, and regular supply of petroleum to consuming nations and a fair return on capital for those investing in the petroleum industry.