OPEC stands for the Organization of the Petroleum Exporting Countries, which is a group of major oil-producing nations. It was created in 1960 to help countries work together on oil policies and pricing. The main goal is to keep oil markets stable and avoid huge price swings. Member countries meet regularly to decide how much oil they should produce. By adjusting production, they can influence global oil prices. OPEC also aims to ensure steady income for producers and reliable supply for consumers. Overall, it plays a big role in the global energy system.
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