What does OPEC stand for?
Organization of the Petroleum Exporting Countries (OPEC) is aimed to coordinate the petroleum policies of the Member Countries. The organization also deals with the delivery of petroleum to consumers, its efficiency and regularity. One of the goals is also to keep the supply of petroleum to consumers economic and let all the producers have a permanent income. OPEC monitors the world market in order to control the amount of oil produced. This helps to keep the stable prices and supply.