The Role of the Organization of Petroleum Exporting Countries (OPEC) in the Global Economy The role of the Organization of Petroleum Exporting Countries (OPEC) is very important these days because oil prices are integral to the well-being of the global economy – and indicative of the state of the global economy. As most people are aware, OPEC is a permanent intergovernmental organization consisting of 12 oil-producing and exporting countries; for these nations, oil is the key to social, economic and political development and that is why it is in their interests to pool their resources so that the valuable (and non-renewable) resource they produce is maximized in terms of what it can extract for the nations in question from the rest of the...The end:
..... – but OPEC is not invulnerable to events around the world, either, even as it tries to gain security for its members. Works Cited Bahree, Bhushan, and Sally Jones. “OPEC weighs raising its target for oil prices amid recent slide.” Wall Street Journal (Eastern Edition) December 6, 2004, p.A1-A10 Conjecture Corporation. “What is OPEC?” Conjecture Corporation http://www.wisegeek.com/what-is-opec.htm (accessed November 29, 2009). Smith, Rodney T. “An economic analysis of income growth by US oil firms: the roles of US oil regulation and OPEC.” Journal of Business 55, no.4 (1982): 427-478. Yang, Zili. “How does ANWR exploration affect OPEC behaviour? A simulation study of an Open-loop cournot-Nash game,” Energy Economics 30, no.2(2008): 321-332.