Oil has proved to be a very powerful commodity and consumers are very much at the mercy of those that control the global oil market. Oil producers are either part of the cartel OPEC or are outside and are referred to as non-OPEC producers.
OPEC – the Organisation of Petroleum Exporting countries was founded in 1960 to stabilise the supply of oil and, to this day, members broadly agree to supply oil to the international market at a specified rate of production. It used to supply 80% of world output, but its influence over global oil supply has diminished and now accounts for just 40% with non-OPEC members dominating, led by Russia then closely followed behind by the US then China, Canada, Brazil, Mexico, Norway, Kazakhstan and Colombia.
Oil has proved to be a very powerful commodity and consumers are very much at the mercy of those that control the global oil market. Oil producers are either part of the cartel OPEC or are outside and are referred to as non-OPEC producers.
OPEC – the Organisation of Petroleum Exporting countries was founded in 1960 to stabilise the supply of oil and, to this day, members broadly agree to supply oil to the international market at a specified rate of production. It used to supply 80% of world output, but its influence over global oil supply has diminished and now accounts for just 40% with non-OPEC members dominating, led by Russia then closely followed behind by the US then China, Canada, Brazil, Mexico, Norway, Kazakhstan and Colombia.
Find out more: https://www.ig.com/uk/commodities-trading
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