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Abstract
The Organization of the Petroleum Exporting Countries (OPEC) plays an indispensable role in the functioning of global oil and energy markets. Established in 1960, OPEC has profoundly shaped the global energy landscape through its control over oil production, price stabilization efforts, and policy coordination among member states. This paper examines OPEC’s historical background, organizational structure, operational mechanisms, and its broader political and economic influence. Furthermore, it analyzes the challenges OPEC faces in the modern era of renewable energy transition and outlines possible strategies for its continued relevance in a rapidly evolving global energy environment.
References
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