Evolution of OPEC’s positions in the world oil market

Abstract

The author in the article examines the process of formation of OPEC as a regulator of the world oil market. He reveals the background causes for its creation and shows the key stages of the Organization’s development. The author considers the issues and prospects for the further evolution of the Organization, as well as the oil sector influencing the development of the participating countries. The article also defnes mechanisms that allow OPEC to have an effect on the oil market: they are “free production capacities” of the Organization’s countries, and the production quotas system. It analyzes periods of the growth and decline in the oil prices, production volumes, as well as the events preceding them. The article states that for more than half a century of history, OPEC has become one of the key players in the world oil market.