| For decades, the Organization of the Petroleum Exporting Countries, better known as OPEC, has wielded extraordinary power over the global oil market. The organization, which consists of 12 member countries, accounts for roughly 40% of total global oil production and controls a little over 80% of the world's oil reserves.
But the recent surge in non-OPEC oil supplies, led by the North American shale oil boom, and the risk of a downturn in the global economy pose significant threats to the cartel's continued prosperity. Let's take a closer look...............................................Full Article: Source
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