OPEC + APEC

What is OPEC

Organisation of Petroleum Exporting Countries consisting of 12 of the worlds major oil exporting nations (includes Iraq, Saudi Arabia, Iran, Venuezala)

When was it founded and how does it work OPEC

Founded in 1960 to regulate supply and manipulate prices to increase or maintain power of member states over oil, they set a yearly quota

What are the advantages OPEC

• increased power for OPEC countries

• Easier to predict supply trends, demand and prices

What are the disadvantages of OPEC

• consumers lose on OPECs increase price decisions

• When prices get too high consumers look for alternative energy = reduced profit

• Recently there is increase in competition = reducing OPECs influence

What is APEC

Asia-Pacific Economic Corporation, group of 29 countries to liberalise trade and create opportunities for investment

When did APEC form

• 1989

• includes USA South Korea, China, Austrailia, Canada, Indonesia

What are the advantages of APEC

• facilitates economic growth

• reduces conflict

• encourages free trade and investment

• regular meetings to update goals and plan events so constant relevance

• Every nation is equal

What are the disadvantages of APEC

• some countries are more powerful and not all places want the same regulations

• bigger nations encourage investment often at expense of smaller nations

• EG. President Trump putting America first and large tariffs on China up to 245%