Crude oil is one of the main market drivers across the world, and according to experts, its current rise could help the region recover faster from the financial crisis.
May 25, 2009 4:27 by Aarti Nagraj
The Organization of Petroleum Exporting Countries (Opec) is a permanent intergovernmental organization, currently consisting of 12 oil producing and exporting countries. Its members produce about 40 percent of the world’s crude oil and 18 percent of its natural gas. Its oil exports represent approximately 55 percent of the crude oil traded internationally.
Opec was formed to coordinate and unify petroleum policies among member countries; to secure fair and stable prices for petroleum producers; and to ensure a regular supply of petroleum to consuming nations.
While the members raise or lower their collective oil production to stabilize prices and supplies, Opec does not control the oil market completely.
The group is meeting this week in Vienna, and according to reports, will not be reducing oil production.