OPEC’s Benefit for the Member Countries

Abstract

The Organisation of Petroleum Exporting Countries (OPEC) is a permanent inter - governmental organisation composed of member states whose economies mostly rely on reve nues from oil export. The OPEC’s twelve members work together to coordinate the overall oil price in the world market. So far, there have been numerous studies on OPEC’s influence on the world petroleum market. Current study mainly looks at the role of OPEC in development of the member countries. Investigates what kind of benefits does the me mber countries get from being member of the Organisation of Petroleum Exporting Countries and its influence on th e economic development of the member countries. Keywords: OPEC, Member country, Benefit, Economic growth