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Explain briefly about OPEC and its role in the global oil market

Explain briefly about OPEC and its role in the global oil market

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Organisation of Petroleum Exporting Countries which is also known as OPEC can be regarded as one of the most important governmental organisation and was founded in Baghdad, Iraq in 1960. The Flanagan of this organisation is indeed a turning point towards the sovereignty of resources where they play a major role in controlling the market and this led to dramatic rise in oil prices and it also started to set policy prices for its member nations and this enables to reduce cooperation on the whole.This is an example of cartel and it effects almost all the importing country's economy on the whole.

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