What is the "Organization of Petroleum Exporting Companies" (OPEC)?

What is the "Organization of Petroleum Exporting Companies" (OPEC)?

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OPEC is the Organization of Petroleum Exporting Countries. It was formed in the 1970's, and it's led by Saudi Arabia and other large, oil producing countries. It's a cartel, in other words a business monopoly, that says they're going to get together as the Organization of Petroleum Exporting Countries, and determine the price of oil, how much gets produced and who gets to buy it.