OPEC stands for the Organization of the Petroleum Exporting Countries. It is an organization that was formed in 1960 with the main oil producing countries that have the largest oil reserves in the world. Now there are about 14 countries that are in OPEC.
The purpose of OPEC is to make sure that their exports is coordinated and sent evenly so that all countries get an adequate amount of oil to supply their cars and other modes of transportations. OPEC decided to reduce the oil prices recently in order to cut the amount of barrels of oil produced. One reason for the production cut may be because of the change in the way cars run and may run in the future.
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