Shifting Economic Power In World Oil Markets

Abstract

The Organization of Petroleum Exporting Countries (OPEC) has encountered rough times before, but never has its power over the world oil market been in question as it is today.  Along with the global recession, and following the tragedy of September 11^th, there has been a noticeable shift in the priorities and objectives of both OPEC and non-OPEC members.  As a result, OPEC’s once dominant position in world oil markets appears to be weakening.