Economists often cite OPEC as a textbook example of a cartel that cooperates to reduce market competition, but one whose consultations are protected by the doctrine of state immunity under international law. In December 2014, “OPEC and the oil men” ranked as #3 on Lloyd’s list of “the top 100 most influential people in the shipping industry”.
Over the years, OPEC expanded to include more oil-exporting countries from Africa, the Middle East, and South America. Today, its mission remains largely the same: to coordinate petroleum policies among member nations, stabilize oil markets, secure fair returns for producers, and ensure a steady supply for consumers. OPEC also engages in dialogue with non-member oil-producing countries to manage production levels and influence global oil stability.
