home

=__OPEC and Global​ Energy__= =Organization of the Petroleum Exporting Countries= ==

(OPEC LOGO)
The Organization of the Petroleum Exporting Countries was created in 1960 to unify and protect the intrests in oil producing countries. OPEC allowed oil-producing countries to guarantee their income by coordinating policies and prices among them. This created a Unified Front which was mainly a responce to Western oil countries drag oil prices down.OPEC represents a rather important political and economic force. Opec members control two thirds of the oil reserves in the world and half of the oil exports around the world. OPEC first showed its political power in the 1970's when the Yom Kippur war started in the middle east. After the so called "interference" the US made, OPEC responded by not allowing foregin goods to leave one port and enter another otherwise known as an **Embargo**. The effects of the embargo forced all car drivers to only be able to drive and purchase gasoline on certain days. The embargo lasted from October 19, 1973 to March 17, 1974.OPEC has the largest reserves of crude oil. OPEC wants for there to be a stable oil market.

OPEC wants stability in the oil market and seeks to deliver steady supplies of oil to consumers at reasonable prices. The Organization has achieved this in a many ways:by producing less oil, producing more when there is a shortage of supplies (such as during the Gulf Crisis in 1990, when several million barrels of oil per day were removed from the market). In a chain effect of stabalizing the oil market; we could possibley invest in some other forms of energy such as solar, wind and, water. Doing this could help lower the consumption of crude oil but ensured we have more then enough incase a possible crisis.
 * OPEC does** not **control** the oil market. **OPEC** Member Countries produce 46 percent of the world's crude oil and 18 per cent of its natural gas. OPEC's crude oil exports represent 60 percent of the crude oil traded internationally.OPEC can have a strong influence on the oil market, especially if it decides to increase or increase its level of production.

media type="youtube" key="gpzs9YM4I74" height="385" width="480"