Organization of Petroleum Exporting Countries (OPEC)

            OPEC Successes Name: Institution Course Title: Instructor: Date:           OPEC’s Achievements Introduction            Organization of Petroleum Exporting Countries (OPEC) is an organization that began in the 1960s and transformed the oil industry across the globe and made tremendous achievement due to the great importance and value it added to the oil producing countries. OPEC as an organization is hard to challenge because the member countries involved are the major oil producers, hence making the group have a lot of influence in the oil market (Kachru, 2009). OPEC has managed to control its members to a large extent in a number of ways.        Through its member states that include Iran, Iraq, Saudi Arabia, Kuwait and other nations, the organization has led to sustainable development of these countries in a way that the growth of multilateral aid facilities, including the special fund, have provided financial assistance enabling them to develop both economically and socially. Working closely with other partners and the member countries, funds are provided through grants, food aid and loans (Kachru, 2009).             OPEC came up to control the oil market. It has been successful since it controls prices of oil, which is made possible through quotas issued by member countries making these oil rich states to accumulate wealth. Oil prices have been regulated efficiently eliminating price fluctuations for producing nations. National oil companies have tremendously grown since OPEC has given all member states the freedom to implement control over their natural resources that lead to the growth of their national oil companies by being represented globally (Goodwin et al., 2015).              The organization has managed to control its member countries through environmental development. Since pollution and unregulated dumping of wastes damage the environment, OPEC has come up with measures and eff...