OPEC’s Rise and Decline: How the Oil Cartel Shaped the Modern World
For more than six decades, the Organization of the Petroleum Exporting Countries (OPEC) has stood at the center of global energy politics. Few international organizations have influenced the world economy as profoundly as OPEC, whose decisions on oil production have shaped inflation, wars, diplomacy, industrial growth, and even domestic politics across continents. During the 1970s, OPEC was capable of shaking the foundations of Western economies through coordinated oil embargoes and production cuts. Today, however, the organization faces a more uncertain future marked by internal divisions, the rise of alternative energy, growing American shale production, and declining long-term oil demand expectations.