Geopolitics
OPEC (Organization of Petroleum Exporting Countries)
Definition
A cartel of 13 oil-producing nations that coordinates production levels to influence global oil prices.
Explanation
OPEC members include Saudi Arabia, UAE, Kuwait, Iraq, Iran, and others. OPEC+ (adding Russia and allies) controls ~40% of global oil production. Production cuts raise prices; increases lower them. OPEC decisions directly affect inflation, economic growth, and geopolitics worldwide.