Organization of Petroleum Exporting Countries (OPEC) at 60: Challenges, Achievements and Prospects Towards Global Economic and Investment Development

Abstract

Crude oil more importantly petroleum played key role in the economic development and sustainable growth of global markets. Petroleum and its sister products were major sources of wealth to producing countries within Organization of Petroleum Exporting Country and other non-OPEC member states for revenues for developmental strides in their internal policy implementation through economic programmes that were in agreement with investment and oil price policies. The study interrogated the efficacy of Organization of Petroleum Exporting Country as an international organization formed to cater for world oil and energy production that has given birth to economic and investment development as a result of its potential for oil, energy and gas explorations to the global markets and world consumption at large. It has her attendant challenges like price fluctuations, speculation and over supply that led to fall in oil price and the effect of climate change. It has nevertheless recorded some achievements for the past 60 years of its establishment such as the secure and steady supply of oil and gas to the global markets and strengthening of national oil companies of member states for domestic developments, production and consumption. These indicators have projected some prospects like enhancing energy efficiency and diversifying the economy in Organization of Petroleum Exporting Country member countries for increasing non-oil exports and reducing dependence on oil and gas. The study made use of secondary source to collect data while it explored theory of oligopoly to navigate the analysis for world economic and investment development.