Examining the Impact and Role of OPEC on Global Energy Policies
DOI:
https://doi.org/10.61438/bsrqj.v2i4.157Keywords:
OPEC, global energy policies, oil market, energy security, renewable energyAbstract
The Organization of the Petroleum Exporting Countries (OPEC), one of the most influential entities in global energy policies, plays a prominent role in regulating the oil market, determining prices, and shaping geopolitical interactions. This study examined the impact and role of OPEC in global energy policies. The research focuses on the significance of OPEC's control over the oil market and the challenges arising from competition with non-member producers, the emergence of renewable energy sources, and environmental pressures. The primary research question is how and to what extent does OPEC influence global energy policies? The hypothesis posits that OPEC significantly affects global energy policies through production regulation, price control, and collaboration with other producers. However, this influence is constrained by structural changes in the energy markets and the emergence of new competitors. To address the research question and test the hypotheses, a descriptive-analytical method was employed, and primary data were collected using library-based tools. The findings indicate that OPEC has managed to establish relative stability in the oil market through collective decision-making and cooperation with non-member countries (such as OPEC +). Nevertheless, environmental pressures, the growth of renewable energy sources, and geopolitical developments pose significant challenges to an organization's position.
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