How the Global Economy Could Look Without OPEC?

OPEC or the Organisation of the Petroleum Exporting Countries supplies over 40% of the world’s oil and possesses a staggering 80% of total reserves

Headquartered in Vienna, a location chosen for its neutrality. OPEC’s alleged purposes include coordinating the policies of its 13 member countries, ensuring the stabilisation of oil markets, a steady supply to consumers and perhaps most importantly providing a steady income and fair return on capital.
Over the years, the biggest problem businesses, consumers and governments alike have had, is that it acts as a cartel. Manipulating the production of oil amongst its members to influence global prices. Something it has achieved through a variety of methods; including quotas, price bandings and even secret output formulas.

The way the cartel operates isn’t new to the sector though. You see, before OPEC there were the infamous Seven Sisters. Referring to Seven western oil companies which by and large controlled world oil output.

#OPEC #Oil #OilCartel

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[nicholashlatshwayo]

the seven sisters collected >50% of the profit before OPEC. they were also basically a cartel but a lot of their governments had influence in these companies. if OPEC wasn't formed this cartel would've just formalized and kept prices much lower overtime while maintaining a surplus.

[ttld]

Ummm, it’s seems as if this video has been severely repressed. They didn’t want it to spread to far l

[side-fish]

You know, I've been watching videos about overseas territories. Maybe you can do a video about the economy of some overseas territories. Would be nice to know which are more self-sufficient, diverse, future and challenges or perhaps just interesting.

[adommanso]

Really enjoying this channel. Please can you do a video on ECOWAS..?

[thetrashmaster]

Please do a video on the economics of CANZUK. Nobody that talks about it actually gets into the benefits/disadvantages of free movement and free trade between the UK, Australia, Canada and New Zealand.

[greall]

This channel showed up in my suggestion. Well played, YouTube... 👍

[khutsomashifane]

please do one on South Africa and Portugal

[yanyanghong]

When I was firstly time trained about the "anti-trust law" year ago, I thought about the OPEC. Is problem here?

[ArthursHD]

Oil also has to compete with other energy sources. Sources like solar PV, solar thermal, wind, hydro, bio gas, biomasas, waste to energy, etc.
Given that negative effects of a ton CO2 released in the atmosphere costs ~75$. And harmful particulate matter from cumbustion processes adds additional costs to fosil fuels. Plus impact on environment from resource extraction.
Event at today's price direct fosil fuel use is more expensive in many sectors.

[Red-jqen]

Subscribed, wtf this channel has only 2, 6K subs?!!! Sigh this irritated me

[petermeter]

Wouldn't high price volatility be a motivator to move away from oil...

[michaelgardner]

Why doesn’t the us have a larger reserve? Or is it like how they handle social security?

[kevinosterman]

I binged watched all your vids. Economies Explained who????

[josegabrielaragozareyes]

Please make a video about venezuela 🇻🇪