<p>The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization of 13 nations that coordinates policies on oil production and prices. Founded in 1960, OPEC plays a significant role in the global oil market, accounting for around 40% of the world's oil supply.</p>

<h2>How It Works</h2>
<p>OPEC's primary function is to coordinate the petroleum policies of its member countries and secure fair and stable prices for petroleum producers. Here's how it works:</p>
<ul>
  <li><strong>Member Countries:</strong> OPEC consists of 13 member countries, with Saudi Arabia being the largest oil producer among them.</li>
  <li><strong>Ministerial Conferences:</strong> OPEC holds ministerial conferences to discuss and decide on production quotas and price policies.</li>
  <li><strong>Secretariat:</strong> The organization has a secretariat in Vienna, Austria, which provides technical support and collects data on the oil market.</li>
</ul>

<h2>Why It Matters</h2>
<p>OPEC's activities significantly impact the global economy and energy markets. Here's why it matters:</p>
<ul>
  <li><strong>Oil Prices:</strong> OPEC's decisions on production quotas and prices directly influence global oil prices, which in turn affect the cost of goods and services, as well as inflation rates.</li>
  <li><strong>Energy Security:</strong> OPEC's actions can help ensure stable energy supplies and prevent market disruptions, contributing to global energy security.</li>
  <li><strong>Environmental Impact:</strong> OPEC's policies can influence the transition to renewable energy sources, as lower oil prices may discourage investment in alternative energy sources.</li>
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