Oil prices have been rising due to increased demand from the transportation sector. OPEC, a group of oil-producing countries, tries to control supply and prices to benefit its members. Despite having most of the world's oil reserves, OPEC only produces a third of the world's oil. Other countries like Russia and the US also play a significant role in oil production. OPEC has made mistakes in managing the oil market, like increasing production in 1997, leading to a price collapse. However, they were able to recover by cutting production with the help of non-OPEC producers in 1999.