OPEC, short for the Organization of the Petroleum Exporting Countries, is a global organization comprising 13 major oil-exporting nations. The member countries collaborate to coordinate and regulate the production and supply of crude oil in order to influence and stabilize oil prices in the world market. Through discussions and agreements, OPEC aims to manage oil production levels to balance supply and demand and maintain price stability. The decisions made by OPEC can have significant impacts on global oil prices and the overall energy market.
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