what is opec 
in december 2016 opec formed an alliance with other oil exporting nations that were not a part of the organization creating an entity that is commonly referred to as opec or opec plus prominent members of opec include russia mexico and kazakhstan working in coordination with additional oil exporting countries makes the organization even more influential when it comes to international energy prices and the global economy 20the bottom lineopec is an organization that controls petroleum production supplies and prices in the global market the group was established in 1960 and is made up of 13 different oil producing companies 1 it holds considerable influence in the marketplace and is often criticized for inflating oil prices to the benefit of its members but it isn t immune to challenges notably geopolitical tensions oversupply and drops in demand and the adoption of new green technologies 