What Is OPEC, and How Does the Oil Cartel Influence Petroleum Prices?
- Posted on April 28, 2026
- Oil (Petroleum) And Gasoline
- By The New York Times
- 0 Views
- 1 min read
OPEC, the Organization of the Petroleum Exporting Countries, represents a significant global force in crude oil production and pricing dynamics. Established to coordinate petroleum policies among member nations, OPEC has historically controlled over one-quarter of worldwide oil supply. The cartel employs production quotas and strategic decisions to stabilize markets and maximize revenues. Understanding OPEC's mechanisms reveals how geopolitical tensions, supply decisions, and international conflicts directly impact energy costs and global economic stability.
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What Is OPEC, and How Does the Oil Cartel Influence Petroleum Prices?
The group of oil-producing countries supplied more than 25 percent of the world’s oil before the war in Iran. Its members have influenced energy markets through the years. continue reading...
