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OPEC and Oil Prices
Published on Dec 20, 2020

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The Organization of the Petroleum Exporting Countries (OPEC) is a permanent intergovernmental organization of 13 nations. OPEC’s headquarter is in Austria, and it was founded at the Baghdad Conference by Iraq, Kuwait, Saudi Arabia, and Venezuela. Currently, it consists of the above-mentioned countries in addition to Libya, UAE, Algeria, Nigeria, Angola, Gabon, Equatorial Guinea, and Congo.

OPEC’s objective is to co-ordinate and unify petroleum policies among member countries. This in order to secure fair and stable prices for petroleum procedures and an efficient, economic, and regular supply to consuming nations, in addition to a fair return on capital to those investing in the industry.

The main risk to the oil market early in the decade was the global economy, as global macroeconomic uncertainty, in addition to the international financial system risk affecting the supply and demand. Though, the oil market remained relatively balanced between 2011 and 2014 before the combination of speculation and oversupply caused it to fall in 2014. The trade pattern continued to shift, with the growth in Asia and overall shrink in other countries. OPEC continued seeking stability in the market and looked further to enhance its dialogue and cooperation with consumers and other non-OPEC producers. 

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