OPEC stands for Organization of Petroleum Exporting Countries. In September 1960, four Persian Gulf nations (Iran, Iraq, Kuwait, and Saudi Arabia) and Venezuela formed OPEC in order to obtain higher prices for crude oil. By 1973, eight other nations (Algeria, Ecuador, Gabon, Indonesia, Libya, Nigeria, Qatar, and the United Arab Emirates) had joined OPEC; Ecuador withdrew at the end of 1992, and Gabon withdrew in 1994.
OPEC cartel criticized for overproduction and price cheating by members. At the higher cartel price, less oil is demanded; output quotas are necessary in that each member of OPEC has an incentive to sell more than its quota by cutting its price because the cost of producing an additional barrel of oil usually is well below the cartel price.
Report Package (Visit Individual Links for More Details):
Advantages of Group Reports:
1- All our reports follow straight forward structure, which will help you design your own metrics and compare common macroeconomic factors.
2- Especially helpful if you are studying group of countries like BRICS, ANZUS, etc.
3- Discount on group reports.
Scope of the OPEC PESTEL Analysis, SWOT Analysis and Risk Analysis Market Research Reports
- These reports provide information about key macroeconomic indicators for OPEC.
- These reports provide PESTELE (political, economic, social, technological, environmental and legal) analysis for OPEC.
- These reports provide SWOT (strengths, weaknesses, opportunities and threats) analysis for OPEC.
- These reports provide risk analysis for OPEC.
For more information and to purchase OPEC PESTEL Analysis Market Research Report please visit: https://www.marketresearchreports.com/market-research-reports-inc/opec-pestel-analysis-market-research-report
For more information and to purchase OPEC SWOT Analysis Market Research Report please visit: https://www.marketresearchreports.com/market-research-reports-inc/opec-swot-analysis-market-research-report
For more information and to purchase OPEC Risk Analysis Market Research Report please visit: https://www.marketresearchreports.com/market-research-reports-inc/opec-risk-analysis-market-research-report
About Market Research Reports, Inc.
Market Research Reports® Inc. is world’s largest store offering quality market research, SWOT analysis, competitive intelligence and industry reports. We help Fortune 500 to Start-Ups with the latest market research reports on global ®ional markets which comprise key industries, leading market players, new products and latest industry analysis & trends.