Impact of OPEC activities on the global oil market

Abstract

This article is devoted to the main problems of interstate cooperation in the oil industry and the high role of the influence of the Organization of Petroleum Exporting Countries (OPEC) on the world economy. Thus, the process of transformation of OPEC from an inactive and inconspicuous organization in the world oil market, as well as the struggle of its members for universal world domination in the oil market. The increased economic growth of some countries in the past years led to the fact that the demand for oil began to exceed the supply, but the relevance of today dictates its own rules against the backdrop of the growing coronavirus pandemic. It is at the turn of the day that the negative factors and consequences of the global pandemic and its impact on oil prices are most clearly visible. The oil giants of the world economy are the OPEC member countries, which, as the current picture shows, fully control their oil resources and oil prices. Moreover, the current picture shows that oil has become the subject of major global speculation, showing that not only economic growth, the integrity of the world economy and the world order are under threat, but also the entire world energy balance.