OPEC is a commonly heard name in the commodity industry for a long period of time and mostly related to the crude oil industry, which is the world's popular energy supplying medium. OPEC is a shortened name that stands for the Organization of the Petroleum Exporting Countries, which is an organization formed by some Petroleum Exporting Countries. There are 14 (as of 23rd of June 2018) countries who gained membership in the organization and support collective decisions making related to crude oil drilling and exporting.
OPEC is formed in Iraq in 1960 to unite the petroleum exporting countries in the world and to make decision making collectively to sustainable oil drilling and exporting. OPEC has been involved in making actions towards the sanctions and executing any sanctions where the UN declares.
OPEC contributes to 44% production of global crude oil demand by the 14 member countries. OPEC is considered the world's largest organization for crude oil production and export among others. OPEC's market share is considerably high but it's in a questionable remark since other crude oil exporters in the international market keep manipulating the crude oil market with the high supply to the international markets.
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