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The Organization of Petroleum Exporting Countries.
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The Organization of Petroleum Exporting Countries (OPEC) is an important actor in the world economy today. Its member states now produce about 40% of the world's crude oil ("Organization of Petroleum Exporting Countries"). There are many factors that determine OPEC policies on oil production, prices, and other issues. This essay will first examine OPEC's history and the top layer of its organization. It will then be argued that complex economic and political factors determine OPEC decisions today. OPEC must act in a way that satisfies both its member states and major Western countries that depend on oil, including the U.S. OPEC was founded in 1960 to coordinate petroleum policies among the producing countries and to maintain fair, stable prices for these countries. Its goal is also to ensure the regular supply of petroleum to consuming countries. Its eleven members now are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia,...
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