The battle between the OPEC oil producing nations and the rest
of the world is an ongoing one. The powerful Middle Eastern oil rich countries
supply nearly half of the world’s crude oil requirements. For a country like India
which imports most of its oil to fuel the needs of its ever growing population,
every move made by the OPEC is watched keenly. OPEC does not directly control
the price of oil but it controls the amount of oil supplied to the world. Thus
by simply balancing the classic demand-supply equation, OPEC is in a pretty
good position.
The battle between the OPEC oil producing nations and the rest
of the world is an ongoing one. The powerful Middle Eastern oil rich countries
supply nearly half of the world’s crude oil requirements. For a country like India
which imports most of its oil to fuel the needs of its ever growing population,
every move made by the OPEC is watched keenly. OPEC does not directly control
the price of oil but it controls the amount of oil supplied to the world. Thus
by simply balancing the classic demand-supply equation, OPEC is in a pretty
good position. 