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Essay text:
This group was formed to object pressure from major oil companies and to refrain from lowering the price of oil to the producing countries (OPEC 4/21/06). OPEC collects price data to calculate the average price for oil and use that to control the world's oil market conditions. They also meet on a regular basis to discuss prices and to set crude oil
FitzGibbons 2
production quotas. For example the estimated the average price for a barrel of oil in 2005 as fifty dollars and seventy-one cents (Country Analysis Briefing, 4/21/06). OPEC has
about two-thirds of the nations oil. That is forty percent of the world's production of oil...
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