Examines OPEC's mission, organizational and political structure and its policies and their outcomes from its inception to the present.
Written in 2002; 1,684 words; 0 sources; MLA; $ 54.95
Paper Summary:
The Organization of Petroleum Exporting Countries (OPEC) was founded in 1960 as an intergovernmental organization with five oil producing and exporting member states. The essay examines the states' reasons for forming the organization and the common interests that directed the organizations policies. The political structure is also discussed, stressing the shifts in power from one member state to the next. Important policy changes through to the present have led to the strength of the organization as an oil cartel, because production levels and sales quotas are monitored closely and distributed equally among the member states.
From the Paper:
"The five founding members of OPEC, therefore, found themselves in a classical dependency relationship with the powerful multinational oil companies that held a virtual stranglehold on the crude oil resources in the five countries. The catalyst for the five countries to form OPEC was a decision by the seven multinational oil companies in 1960 to lower the so-called posted price for crude oil. The posted price was the price that each of the seven oil companies would pay the host nations for the crude oil extracted from their resources. The five nations had no say in establishing this price. In effect, the "Seven Sisters" themselves acted as a cartel. By establishing their own cartel, the founding five OPEC nations were demonstrating their resolve to gain control over their own crude oil resource."
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