Contents
Introduction- OPEC: A brief background
- Saudi Arabia and OPEC
- Challenges faced by OPEC
- Conclusion
- References
Description
Petroleum export has been one of the most lucrative businesses globally. However the declining prices of oil has had an impact on the world economy. In this study a close look will be taken at the Organization of Petroleum Exporting Countries (OPEC) to understand the purpose of its foundation and how it has impacted in the export of oil in the world economy. In this study a close look will be taken at the background of OPEC and the various challenges that it has gone through in the last ten years of its existence. This will be done in the perspective of Saudi Arabia, one of the member countries of OPEC. This will help in better understanding of the role of the organization in the petroleum sector and in the world economy as a whole.
