OPEC and Global Market Name Institution OPEC and Global Market Organization of Petroleum and Exporting Countries (OPEC) is an intergovernmental group consisting fourteen nations which are the world's major oil exporters. The organization was founded in 1960 to coordinate and unify the petroleum decision policies as well as provide technical and economic assistance to its members. Over decades of years OPEC has been operating as a cartel in delivering oil globally by setting the price according to the global market. The international rate set by the organization helps to prevent fluctuations that may occur to both players of the market. This in turn significantly assist the affected states to stabilize their economy and other technical aids. The idea of creating OPEC was initiated in Bagdad by the four-member state which includes Iran Iraq Kuwait and Venezuela (Staff 2010). The headquarters are situated in Vienna in Austria where the secretariat countries. In summation the organization of petroleum and exporting countries (OPEC) has played an important role in the provision of oil and it's by-products in the global market. Despite the dynamics it has faced such as stiff competition non- OPEC countries technological advances and wrangles it has tried to manage all these changes. Adequate support from its member has profoundly contributed to the realization of its mission of unifying its member and providing economic and technical aids. References Altawati A. (2012 June 19). OPEC faces significant challenges ahead. Retrieved from www.arabnews.com Behar A. Ritz R. A. International Monetary Fund & International Monetary Fund. (2016).An analysis of OPEC's strategic actions US shale growth and the 2014 oil price crash. Bloomfield L. P. (2002). Global markets and national interests: The new geopolitics of energy capital and information. Washington D.C: CSIS Press. Staff I. (2010 November 14). Average Inventory. Retrieved from http://www.investopedia.com/terms/a/average-inventory.asp [...]
In a critical essay, investigate the dynamics OPEC has faced in the global market in the last ten years. You may select a member country and analyze the effects from the perspective of that jurisdiction. Support your findings with additional academic references.