ABSTRACT
Organization of the Petroleum Exporting Countries (OPEC) has had quite a few successes in its history since the 1960: mostly in areas other than governing the market price of oil. From the end of 1973, OPEC countries were able to gain a significant degree of control over the oil price, but during the second oil shock of 1979/80 they were unable to stop an increase in prices that eventually got out of control and backfired. The cooperation within OPEC has helped very ‘young’ nation states, such as Nigeria or the United Arab Emirates, to establish themselves as crucial members of the international community and strong regional players. OPEC is an organization of sovereign landlords that have an interest in both preserving an international land rent and preventing a fast depletion of their natural resources. The chapter also presents an overview of the key concepts discussed in this book.
