Community Forex Questions
What is OPEC?
OPEC stands for the Organization of Petroleum Exporting Countries. Saudi Arabia, Venezuela, Iraq, Iran, and Kuwait founded it in 1960. Since then, Libya, the United Arab Emirates, Algeria, Nigeria, Ecuador, Gabon, Angola, Equatorial Guinea, and the Republic of the Congo have joined OPEC, bringing the organization's membership to 14 as of January 2019.
Many commentators regard OPEC as a cartel in the sense that it regulates oil supply in the hope of controlling prices. OPEC accomplishes this by convening biannually to set oil production quotas for its member countries.
OPEC's dominance over oil production in the past meant that the organization was regarded as extremely powerful. Even today, OPEC member countries control roughly 80% of the world's proven oil reserves.1 However, the rise of the American fracking industry has raised concerns about OPEC's price control over oil.
https://www.opec.org
Many commentators regard OPEC as a cartel in the sense that it regulates oil supply in the hope of controlling prices. OPEC accomplishes this by convening biannually to set oil production quotas for its member countries.
OPEC's dominance over oil production in the past meant that the organization was regarded as extremely powerful. Even today, OPEC member countries control roughly 80% of the world's proven oil reserves.1 However, the rise of the American fracking industry has raised concerns about OPEC's price control over oil.
https://www.opec.org
Sep 12, 2022 04:40