OPEC was created in 1960 to protect the interests of oil-producing countries and coordinate policies and prices. It represents two-thirds of the world’s oil reserves and half of the world’s oil exports. The 1973 oil embargo demonstrated OPEC’s power over world politics, causing inflation and economic recession in the US and prompting automakers to produce […]
OPEC is an international cartel of 12 countries that controls a large part of the world’s oil trade, but its influence has diminished due to increased demand and new oil deposits in non-member countries. Its objective is to control the production and availability of oil by setting price and availability restrictions. The Organization of the […]
