The Role of the OPEC in the International Energy Market

Abstract

The paper analyzes the policy of OPEC and its influence on the global prices of oil during different periods of the history of Cartel since its foundation till now. Particularly it provides information about the prehistory of the establishment of the Organization in the beginning of 60s of the last century and its First Steps. The research goes deeply through the role of the OPEC in causing the first oil shock (1973 – 1975) and the second oil shock (1979 – 1980). The paper includes the main reasons of the collapse of oil prices in the 1980s and the low prices in the 1990s. Furthermore, it analyzes the role of OPEC and main reasons of the uprising prices on Oil in 2000s and policy of the cartel during International financial crises (2008 – 2010).