The formation of OPEC in the 1960’s was motivated by complex, inter-dependent factors including the end of British colonization, the surge in the demand for oil based energy, and a desire for the member nations to benefit from – and control - the market price of “the most valuable commodity in the history of the world” (Myers & Lyford, N.D., p. 1): crude oil. Today, OPEC purports to have three primary objectives:
1. To co-ordinate and unify the petroleum policies of the Member Countries and to determine the best means for safeguarding their individual and collective interests;
2. To seek ways and means of ensuring the stabilization of prices in international oil markets, with a view to eliminating harmful and unnecessary fluctuations; and
3. To provide an efficient economic and regular supply of petroleum to consuming nations and a fair return on capital to those investing in the petroleum industry ( Organization of the Petroleum Exporting Countries, 2013).
Major Article Summary
In January 1975, the Journal of Business published a very interesting article titled “The Future of OPEC” in which th...
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...ries. (2013, November 14). About OPEC. Retrieved from Organization of the Petroleum Exporting Countries: www.opec.org
Cairnsa, R. D., & Calfucura, E. (2012). OPEC: Market failure or power failure? Energy Policy, 50, 570-580. doi:http://dx.doi.org/10.1016/j.enpol.2012.07.058
Dorraj, M. (1993). Will OPEC Survive? Arab Studies Quarterly, 19-33.
Dunstan, S. (2007). The Yom Kippur War: The Arab-Israeli War of 1973. New York: Osprey Publishing.
International Energy Agency. (2008). World Energy Outlook. Paris: IEA.
Mancke, R. (1975). The Future of OPEC. Journal of Business, 11-19.
Myers, J., & Lyford, M. (N.D.). Petroleum and Peak Oil. (pp. 1-109). University of Wyoming. Retrieved from http://www.uwyo.edu/smtc/_files/docs/projects/qr%20stem/cohort%204/symposium%201%20laramie%20june/myers/peak_oil.pdf
Satterlee, B. (2009). Cross Border Commerce. Roanoke: Synergistics Inc. .
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