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Thu 21 Jun 2018 10:54 AM

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Video: What is OPEC?

Oil isn't just petrol for your car, it's an ingredient in a lot of what we use. That means the cost of these products can be affected by the fluctuating price of oil. That price is largely decided by supply and demand and the collective actions of OPEC, an organisation that provides 40% of the world's oil.

(Source: CNBC International YouTube channel)