a critical essay, investigate the dynamics OPEC has faced in the global market in the last...

a critical essay, investigate the dynamics OPEC has faced in the global market in the last ten years. You may select a member country and analyze the effects from the perspective of that jurisdiction. Support your findings with additional academic references.

Expert Solution

OPEC members like Venezuela and Iran have faced stifd competition from Russia and US in crude oil supply and have received restrictions on overall supply availability to preserve world prices. However recently both Russia and OPEC members failed to reach conclusion and aggravated supply which led to crude oil prices plummeting to negative territory for first time in history owing to lack of global demand and oversupply amidst covid19 pandemic.

Also with sanctions on Iran from USA and Hyperinflation in Venezuela the market had seen supply gut in last 10 years which however led to sharp slike in prices too.

References : Challenges to OPEC in medium and long term, by Dr Alvaro Silva, 11th September 2003.

Rahul Sunny answered 2 years ago

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