Opec Is An International Organization

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OPEC is an international organization that formed in September of 1960. OPEC headquarters reside in Vienna, Austria, however they are a collective representation of 13 different oil-exporting nations. Over its lifetime, it has conjured many different interpretations of its effect in the oil world. Some views determine that OPEC does not have a significant effect on oil prices or market dynamics but instead the worldwide competitive market. Another view concludes that OPEC uses their power to monopolize the market. The Organization of the Petroleum Exporting Countries (OPEC) has currently thirteen member countries. OPEC is an international organization that unifies petroleum policies of its member in order to keep a stable oil markets, so that consumers have efficient supply, producers have a consistent income, and investors have a reasonable return on capital. OPEC supplies a large amount of the world demand for crude oil. This can affect the crude oil prices in the world market.
In general this study looks at how relevant is OPEC. In regards to oil production, setting oil prices in the world oil industry, and OPEC’s market shares and market power. In addition to studying, the relevance of OPEC, this study will examined that factors if any, that have made OPEC less relevant in terms of oil production and market oil prices.
The international organization was originally formed in September 1960 by five oil producing countries; Venezuela, Saudi Arabia, Iraq,

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