OPEC

what is it

* IGO which exports oil and petroleum
* OPEC producers control 81% of oil revers

what is goal

* ensure stabilisation of oil markets

what do they want to create?

* efficient regular supply of oil
* steady income for producers
* fair return for investors

what happened between 2012-2016

* oil output high to compete against US oil from fracking
* flooding market caused collapse in global oil prices
* effected developing countries

Oil Embargo of 1973

OPEC's arab members blocked oil shipments to the US to protest the US's support of Israel

how is OPEC a player

* controls 78% of oil reserves
* produces 45% of crude oil and 15% natural gas

who hasnt joined OPEC

russia and usa