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What is OPEC and how does it shape global oil markets?

  • Written by Tina Soliman-Hunter, Professor of Energy and Natural Resources Law, Macquarie University
What is OPEC and how does it shape global oil markets?Atlantide Phototravel/Getty

Oil is once again making headlines.

This week, the United Arab Emirates (UAE) made the shock decision to leave the Organisation of the Petroleum Exporting Countries (OPEC).

OPEC is network of oil-producing nations formed in 1960 with the aim of stabilising oil prices in ways that reduce competition and increase profits...

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