In 1960, the Organization of the Petroleum Exporting Countries, or OPEC, was established in Vienna to control the production and pricing of oil. This international alliance was formed by five founding members - Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela - with the goal of exerting more influence over the oil market and ensuring a stable income for oil-producing countries. Since its inception, OPEC has grown to include 13 member countries and has become a major player in the global energy industry. By collaborating and coordinating their oil production levels, OPEC members can influence the price of oil on the world market. This control over production and pricing has allowed OPEC to have a significant impact on the global economy and geopolitics. OPEC meetings and decisions are closely monitored by governments, energy companies, and investors around the world. The organization's policies and actions can have far-reaching effects on oil prices, inflation rates, and overall economic stability. As such, OPEC's role in the energy industry is of great importance to many stakeholders. For more information on OPEC and its impact on the oil market, you can visit their official website at www.opec.org. Here, you can find detailed information on the organization's history, member countries, and current activities. Additionally, the website provides updates on OPEC meetings, decisions, and market analysis. Overall, OPEC plays a crucial role in the global energy landscape by controlling the production and pricing of oil. Through collaboration and coordination, OPEC members are able to influence market trends and ensure a stable income for oil-producing countries. As the world continues to rely on oil as a major energy source, OPEC's actions and decisions will remain highly relevant and impactful.

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