Share of OPEC crude oil production tool price leadership in the international market

Abstract

Established Organization of Petroleum Exporting Countries (OPEC) in Baghdad in 1960 but their effective role in the market for international crude oil did not emerge until the early seventies of the twentieth century, specifically after the Arab siege on oil exports and the boom price first in 1973, and since the early seventies trying to OPEC through its influence in the levels of crude oil prices in the international market then make sometimes and fail other times due to many factors including productivity policies of its members that do not adhere to quotas and pressure and other major countries.