OPEC: Organisation of the Petroleum Exporting Countries

• OPEC, a consortium of 13 oil-exporting nations, holds considerable power in the global energy market.
• Stabilising Oil Markets: Seeks to ensure oil market stability by coordinating and unifying petroleum policies among its member countries.
• Production Quotas: Determines production limits for its members, impacting global oil prices.
• Geo-political Clout: Given the world's dependency on oil, OPEC's decisions resonate beyond economics, influencing geopolitics.
• Member countries

  
• Supply Dynamics: By adjusting production quotas, OPEC can significantly influence global oil prices, affecting energy bills for households and businesses.
• Geo-strategic Importance: Countries dependent on oil imports often have to navigate their foreign policies considering OPEC's dynamics.
• Energy Transition: As the world moves towards cleaner energy sources, OPEC's influence over energy policies remains crucial in this transition phase.