Why it matters
Its production decisions move global oil prices and fuel costs.
OPEC in the news
More Energy terms
Energy
Crude oil
Unrefined petroleum extracted from the ground; Brent and WTI are its main global price benchmarks.
GlossaryEnergy
OPEC
The Organization of the Petroleum Exporting Countries, a group of oil-producing nations that coordinates output; OPEC+ also includes allies such as Russia.
Also called OPEC+