Influence Of Opec+ On Global Oil Price Fluctuations

Influence of opec on global oil price fluctuations

Opec will meet in vienna austria in november to discuss their output policy

Opec was founded in 1960 by iraq iran kuwait saudi arabia and venezuela

Opec’s members current members of opec are saudi arabia uae kuwait iraq iran algeria angola libya nigeria congo equatorial guinea gabon and venezuela

Nonopec countries are represented by russia in the global alliance of opec

Around 30 of the worlds oil is produced by opec countries

Challenges to opec opecs influence have faced internal divisions

Opec formation opec coalition was formed with 10 nonopec oilexporting nations

Around 40 of world oil production is regulated by opec

Opecs decisions can affect global oil prices as its exports make up around 60 percent of global trade