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Commodities Briefing - Categorized | Market Moves, Oil more

Who really needs OPEC, anyway?

Posted on 18 November 2013

The Organization of Oil Exporting Countries — better known as OPEC — has been a dominant player in the oil market since it was formed in 1960. The 12 member countries have provided over 40% of the world’s oil over the last 20 years alone, giving them the ability to move prices up or down at a moment’s notice.
Even a rise in U.S. oil production over the past eight years has barely made a dent in OPEC’s global oil dominance………………………………………..Full Article: Source


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VRS - who has written 39856 posts on Opalesque Commodities Briefing.


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