OPEC

OPEC OPEC Summary OPEC, formally known as the Organization of Petroleum Exporting Countries, strikes attention to many Americans and economists. OPEC controls our nation’s oil supply. Recently, because of their inability to supply an adequate amount of oil to our country the price of crude oil has risen to as much, if not more, than thirty dollars a barrel. An article published by the Wall Street Journal on November 14, 2000, states that OPEC does not plan to increase supply because they are comfortable with the price increase. OPEC Secretary General Rilwanu Lukman states that OPEC does not eel as though crude oil at thirty dollars a barrel is causing problems in the international economy. At first, OPEC stated that it would only want to see oil sold at twenty-eight dollars a barrel, but now their position has changed. This change came despite many warnings from analysts around the world. These analysts felt that such high prices for oil could be dangerous to the economy in the future. (See analysis below) The article also brings up the idea that prices will fall as the annual season drop-off in oil demand kicks in. As winter turns into spring the oil, prices, demand, opec, supply, price, high, article, states, decrease, fact, dollars, because, barrel, now, inelastic, fall, economy, curve, change, analysts, analysis, world, winter, vertical, twenty-eight, turns, thirty-dollar, thirty, spring, secretary, rilwanu, right