The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization founded in 1960. It consists of 13 member countries, primarily from the Middle East, Africa, and South America, that coordinate their oil production policies to stabilize oil prices and ensure a steady supply of oil to consumers. OPEC's main goal is to manage the supply of oil in the global market, which can influence prices and economic stability. The organization holds regular meetings to discuss production levels and strategies, aiming to balance the interests of oil-producing nations with those of consumers and the global economy.