International oil group: Abbr. Daily Themed Crossword Clue Puzzle Answer from August 21, 2024

International oil group: Abbr. Daily Themed Crossword Clue Answer

Answer to International oil group: Abbr. Daily Themed crossword clue is OPEC.

The abbreviation "OPEC" stands for the Organization of the Petroleum Exporting Countries. It is an international oil group that plays a crucial role in regulating the production and pricing of petroleum globally. OPEC was established to coordinate and unify the petroleum policies of its member countries, aiming to ensure the stability of oil markets and secure a steady income for oil-producing nations.

OPEC's influence extends across the global energy sector as it seeks to balance oil supply and demand, affecting prices and economic conditions worldwide. The group's decisions can impact everything from gasoline prices at the pump to broader economic trends, making OPEC a significant player in international oil markets.

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