Oil production is influenced by OPEC from "summary" of Oil by Sucha Singh Khera
Oil production is influenced by OPEC, the Organization of the Petroleum Exporting Countries. OPEC plays a significant role in determining the global supply of oil through its member countries, which collectively account for a large portion of the world's oil reserves. The decisions made by OPEC regarding production levels can have a direct impact on the price of oil in the international market. OPEC was founded in 1960 with the objective of coordinating and unifying the petroleum policies of its member countries. The organization aims to ensure stable oil prices, secure a steady income for oil-producing nations, and provide a reliable supply of oil to consumers around the world. OPEC holds regular meetings where member countries discuss and decide on production quotas and other policies that will affect the global oil market. The...
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