From the course: Economic Indicators

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OPEC decisions

OPEC decisions

From the course: Economic Indicators

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OPEC decisions

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- When politicians, oil analyst, and the everyday consumer talk about oil prices they talk about OPEC. The Organization of the Petroleum Exporting Countries. I've been going to OPEC meetings for about 15 years. I've even brought my mother with me to several of them. But, OPEC meetings aren't just a trip you bring your mom on, they actually impact oil prices. OPEC has around 15 member countries as of mid 2018. Including Saudi Arabia, Iran, Iraq, Libya, Venezuela, and 10 others. OPEC is often branded as a cartel by politicians and some economists, but its members don't always agree and they often act independently of each other. In fact, I think of OPEC more as a central bank of oil. Plus, OPEC members don't have a monopoly on global oil production. In fact, OPEC member countries produced between 32 and 33 million barrels per day of crude oil in mid 2018. Or, about one-third of global oil supplies. In other words, even though OPEC members control a lot of oil production, they aren't a…

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