Yes, Saudi Arabia is a member of OPEC (Organization of the Petroleum Exporting Countries).
1. OPEC is an intergovernmental organization founded in 1960 by the five oil-producing countries of Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
2. The primary goal of OPEC is to coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets.
3. Currently, OPEC consists of 13 member countries, with Saudi Arabia being one of the most influential members due to its significant oil reserves and production capacity.
4. Saudi Arabia plays a crucial role in OPEC's decisions regarding oil production levels, pricing strategies, and market stability initiatives.
