2025, Vol. 7, Issue 3, Part B

Author(s): Yahya Farooq Kareem AL-Bayati

Abstract: The study focused on the role of international organizations in implementing their policies and influencing global oil prices. It highlighted that OPEC was established to counter the dominance of major oil companies that controlled oil prices until 1970. Since its inception, OPEC has significantly influenced the global oil market due to its substantial oil reserves, which account for 73.4% of the total global oil reserves. The establishment of the International Energy Agency (IEA) was a response to the surge in oil prices in 1973 and 1974. The IEA aimed to unite consuming countries and coordinate their efforts in response to OPEC. One of the strategies employed by the IEA was the creation of an artificial oil surplus in the market to exert downward pressure on prices. This illustrates that global oil prices are not solely determined by supply and demand, as the policies of international organizations play a significant role in controlling price fluctuations.

DOI: 10.33545/27068919.2025.v7.i3b.1403

Pages: 114-125 | Views: 96 | Downloads: 38

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