opec. business english
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OPEC Explained: Part 1 – Origins and Strategic Purpose | 332

Brief

The Organization of Petroleum Exporting Countries (OPEC) was established in 1960 to give oil-producing nations more control over their resources and influence global oil prices. Initially formed by five countries—Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela — OPEC has grown to include 12 member countries, with 10 additional nations cooperating under the OPEC+ alliance. The organization has played a critical role in stabilizing oil prices and shaping the global energy market.

Overview

Skip Montreux and Dez Morgan kick off a two-part series on OPEC, starting with an in-depth discussion on the organization’s founding in 1960. They examine the reasons behind OPEC’s creation, its structure, and how it operates.

Insights 

Skip and Dez’s discussion offers valuable insights into both OPEC and business English. Key points include:

  • OPEC’s formation in 1960 marked a shift in control over oil resources from Western companies to oil-producing nations.
  • The organization’s mandate is to coordinate petroleum policies among member countries and ensure stable prices globally.
  • OPEC+ includes 22 countries, which together produce 59% of the world’s oil.

In summary 

D2B 332 provides a detailed analysis of OPEC’s founding and its critical role in the global energy market. The discussion highlights how OPEC has influenced oil production and pricing, and the importance of the organization in maintaining global energy stability.

Take action

To better understand the complexities of the global oil market, follow developments in OPEC’s strategies and decisions. Engage with the D2B community on social media to discuss the impact of OPEC on global economics and energy security.

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