Definition
The group formed by OPEC (the Organization of the Petroleum Exporting Countries) and other oil producers, including Russia, that coordinate how much oil they pump.
The story
OPEC, whose de facto leader is Saudi Arabia, began working with Russia and other producers in 2016. When the group cuts output, it's trying to support prices; when it raises output, more supply can push prices down. Its meetings, and leaks before them, can move oil sharply.
Why markets watch it
Its decisions are one of the main forces on oil prices, and oil feeds into inflation.
Connects to
We explain why it moves markets. What you do with it is your call. Commentary and education only. Not financial advice. All terms