OPEC has an important influence on oil price. For a long period of time, its ability to move the price of oil is quite limited; this is because each country has different stimulus than OPEC itself. One of the examples is OPEC countries and OPEC is unhappy with the oil price, it’s in their best interest to trim the supply of oil so prices will rise.
This has made to new non-OPEC reserves that marked OPEC’s ability to influence oil price, which results a consequent crash with prices.
This has made to new non-OPEC reserves that marked OPEC’s ability to influence oil price, which results a consequent crash with prices.
What is OPEC and how does it influence oil prices?
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