OPEC stands for “Organization of Petroleum Exporting Countries” and is comprised of the largest oil-producing nations of the world. Through OPEC, these Member Countries work together to control the price and availability of oil--one of the most significant commodities in today’s worldwide economy. Founded in September of 1960 with headquarters in Vienna, the OPEC organization is currently comprised of twelve member countries (History of OPEC, 1). OPEC’s mission is defined in a formal organizational statute that identifies their role “to coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry” (Our Mission). The OPEC website (OPEC.org) is designed to provide information to the general public about the function of the organization, the benefits that the organization provides, and the milestones that have been achieved. Through highlighted material and carefully selected topics on their website, the OPEC organization strives to convey an appearance of being a supportive and unbiased charitable organization focused on improving the global economy through supply and demand principles. The OPEC website contains a wealth of resources that help to explain the current state of oil production and how it affects the global economy, but it does not elaborate on potential downfalls of price-fixing and the impact that oil “cartelization” has historically caused to the world economy.
The OPEC organization has long been criticized for the influence it holds over the ...
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...OPEC - not as powerful as you might think. The Christian Science Monitor, p. 9. Retrieved March 31, 2011, from ProQuest National Newspapers Core. (Document ID: 1439101391).
Organization of the Petroleum Exporting Countries. (n.d.). OPEC Sitemap. Retrieved from http://www.opec.org/opec_web/en/34.htm.
Rousseau, D. (1998). History of OPEC. Retrieved August 22, 2001 from http://www.ssc.upenn.edu/polisci/psci260/OPECweb/OPECHIST.HTM
Stevens, P. (2005). Oil Markets. Oxford Review of Economic Policy, 21(1)19-42.
UC Berkeley – Teaching Library Internet Workshops. (2010). Evaluating Web Pages: Techniques to Apply & Questions to Ask. In Finding Information on the Internet: A Tutorial. Retrieved from http://www.lib.berkeley.edu/TeachingLib/Guides/Internet/Evaluate.html.
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