Organization of the Petroleum Exporting Countries (OPEC)
The Organization of the Petroleum Exporting Countries (OPEC) is an international cartel consisting of 13 major oil-exporting nations. OPEC was formed in 1960 to coordinate and unify petroleum policies among its members, with a mission to secure fair and stable prices for producers while providing reliable supply to consumers. The member countries are Algeria, Angola, Ecuador, Equatorial Guinea, Gabon Republics Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia United Arab Emirates Venezuela.OPEC works by setting production levels for each country within the organization in order to regulate the global supply of oil so that it can maintain price stability on world markets. By controlling production levels according to market conditions such as demand or geopolitical events like wars or natural disasters – OPEC has been able influence prices which makes it one of most powerful economic forces around today. This power has made some people question whether this kind of control over energy resources is beneficial or detrimental for global economies?Despite criticism from those who argue that cartels are bad for competition - many economists suggest that without organizations like OPEC there would be more volatility in crude oil prices due their inability manage increased supplies from non-member countries . In addition , although some may see them as monopolies - they have shown themselves capable at responding quickly when needed , such as during times when there’s disruption caused by political unrest . Ultimately , despite being controversial at times – organizations like OPEC play an important role in ensuring fairness and stability within global energy markets.
