The secret meeting that launched OPEC

OPEC functions as a collective of oil-producing nations that exerts influence over global markets by managing supply through production quotas. Originally formed in 1959 to counter the dominance of the "Seven Sisters" oil companies—a process facilitated by journalist Wanda Jablonski—the organization shifted its strategy after the 1973 Arab oil embargo, realizing that controlling output directly impacts global prices. While the United Arab Emirates recently exited the group due to disputes over production limits and the pressures of global decarbonization, this departure has minimal immediate effect on consumer gas prices. Real-world price fluctuations remain tied to broader geopolitical instability, such as the blockade of the Strait of Hormuz, and the logistical challenges of rebuilding global oil reserves. Ultimately, the organization struggles with internal "free-rider" dynamics, as member nations frequently face the temptation to exceed quotas for individual profit.