What is OPEC? - Exlained

What is OPEC? Explained

OPEC is a commonly heard name in the commodity industry for a long period of time and mostly related to crude oil industry, which is the world's popular energy supplying medium. OPEC is a shortened name stands for Organization of the Petroleum Exporting Countries, which is an organization formed by the some Petroleum Exporting Countries. There are 14 (as of 23rd of June 2018) countries who gained membership of the organization and support collective decisions making related to crude oil drilling and exporting.

OPEC is formed in Iraq in 1960 to unite the petroleum exporting countries in the world and to make decision making collectively to sustainable oil drilling and exporting. OPEC has been involved in making actions towards the sanctions and executing any sanctions where the UN declare.

OPEC contributes to 44% production of global crude oil demand by the 14 member countries. OPEC is considered as the world's largest organization for crude oil production and exporting among others. OPEC's market share is considerably high but it's in a questionable remark since other crude oil exporters in the international market keep manipulating the crude oil market with the high supply to the international markets.