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Essay on OPEC1 | ||
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This is the first 1,000 characters of 684 words (2.74 pages) in the essay titled OPEC1 The Iran Daily reports on OPEC’s failure to establish a good link with global trends and the world business trends of Globalization. The Organization of Petroleum Exporting Countries (OPEC) was formed when seven major oil companies had monopolized the oil market in the 1960’s at that time the organization’s primary responsibility was to insure the rights of crude oil producers worldwide. Today OPEC has 11 countries as members and supplies more the 40% of the world’s oil and maintains 78% of the reserves. OPEC has been instrumental in creating agreements with the world trade organization on strategic policy for trade and tariffs that insure that oil producers achieve a reasonable rate of return and that stable supplies of oil for is available for consumption.The Iran Daily newspaper printed that the price spiral is a direct reflection of OPEC”S inability to keep pace with Globalization. OPEC was established 40 years ago and has proven itself slow for adopting policy. These policies and guidelines that it does adopt seem to depend solely on the contribution and growth of the international economy only. Today OPEC policies do not directly support the concept of convergence, which is now a distinguished part of the global economy. The concern is that the market requirements have changed. With the on set of technology advances and corporate mergers OPEC production and sales policies have are not meeting the demands of this global market. It is important to mention that... |
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Keywords: opec production, crude oil producers, organization of petroleum exporting countries, world trade organization, price gap, major oil companies, oil market, globalization, iran, petroleum exporting countries, international economy, global economy, corporate mergers, price gouging, conventional gas, stable supplies, note worthy, technology advances, strategic policy, global trends