The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization founded on September 14, 1960, by five oil-exporting developing nations: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. It was established to coordinate and unify petroleum policies among its members, aiming to stabilize global oil prices, ensure a steady income for oil producers, and secure a regular and efficient oil supply to consuming nations[1][2][5]. OPEC's core activity involves managing oil production quotas among its member countries to influence global oil supply and, consequently, prices. When oil prices are high, OPEC members may increase output to meet demand, while in times of low prices, they can restrict production to prevent market oversupply. This balancing act aims to avoid harmful price fluctuations and maintain profitability for producers[2]. The organization’s headquarters have been in Vienna, Austria, since 1965, and it currently comprises 15 member countries across Africa, the Middle East, and South America, including major oil producers like Saudi Arabia—the *de facto* leader of OPEC—and others such as Algeria, Nigeria, and Angola[1][3][5]. A notable development in recent years is OPEC’s alliance with non-member oil producers, including Russia, forming OPEC+, which collectively controls over one-third of global crude production and more than 80% of proven reserves. This broader coalition allows greater influence on the global oil market[2][4]. However, challenges such as internal discord over production quotas, competition from U.S. shale oil, and the global transition toward renewable energy threaten OPEC’s dominance[4][5]. In 2025, OPEC+ began reversing earlier voluntary production cuts—around 2.5 million barrels per day—to better match rising demand, signaling a strategic pivot amid changing market conditions and geopolitical pressures, including impacts from Russia’s war in Ukraine[5]. OPEC remains a pivotal player in global energy markets, balancing economic,