World Crude Oil Prices

OPEC was founded in Iraq in 1960.3 The founder members of the corporation have been Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.4 The purpose on the business was (1) to unify and coordinate the petroleum policies of the member states, and (2) safeguard the general interests of the member states.5 Eventually, 13 nations joined OPEC. The eight much more member states are Algeria, Ecuador, Gabon, Indonesia, Libya, Nigeria, Qatar, as well as the United Arab Emirates.

It is far too simplistic to merely country how the solu tion alternatives open towards OPEC member countries involve (1) increases, decreases, or stability in crude oil production levels, (2) increases, decreases, or stability in crude oil cost levels, (3) increases, decreases, or stability in expen ditures related towards country's international and domestic commitments, or (4) some combination of these initiatives. The member countries of OPEC have vastly differing priorities and needs, with respect to each of these areas. It's unlikely 14that any policy adopted by OPEC could almost certainly satisfy the needs and priorities of all of the organization's member countries.

The new wealth accrued by the oil exporting countries brought with it both problems and opportunities, as well as the dif ferent nations involved utilized the cash in numerous ways. Some of the poorest countries with minimum petroleum resources, just like Qatar, applied the dollars for modern-day needs. Some of those people with important petroleum resources and large popula tions, such as Nigeria, engaged in some development, but cur rent needs also consumed a high proportion of the income. 12Countries with large resources and modest populations, for example Kuwait, effortlessly provided for their very own populations, as well as provided some critical levels of financial support for poorer countries. Saudi Arabia, however, was a separate case. First, its crude oil resources were the finest of all in OPEC, as have been their oil derived earnings. Second, the region had a moder ate sized population, which was extremely poor. Third, the country's infrastructure was hardly formulated at all. Lastly, the beneficial majority with the Saudi population was neither trained nor educated on the degree needed for major social and economic development.

 

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