Organization of Petroleum Exporting Countries. A collective of countries founded in 1960 that choose to collaborate in order to manage the exportation of their crude oil to the rest of the world. Because of their ability to adjust production levels, they possess a great deal of influence on the price of oil.

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The price of oil relies greatly on what OPEC decides to do, since the countries that belong to it have so much control over a large portion of the world's oil supply.

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The OPEC countries agreed on a mandate that would limit spending on protecting the ocean's environmental factors that affect shipping.

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In the 1970s, the United States was hit with high oil prices because a group of other countries with a lot of oil formed a cartel called OPEC and agreed to hold down the supply of oil and make it more expensive for other countries.

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