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334 - OPEC Explained Part 2: History and Present Day Status (Public Announcement)

Down to Business English: Business News to Improve your Business English

Release Date: 09/06/2024

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More Episodes

Brief

OPEC, the Organization of Petroleum Exporting Countries, has played a central role in the global oil market for over six decades. From the 1973 Oil Embargo to the rise of U.S. shale production, OPEC’s influence has evolved as the energy landscape has changed. Despite challenges, the organization continues to be a key player in determining global oil prices today.

Overview

In this second part of their two-part series on OPEC, Skip Montreux and Dez Morgan examine key moments in the history of the Organization of Petroleum Exporting Countries. They revisit the 1973 Oil Embargo, which drastically increased oil prices and led to a global recession, and the 1986 oil price crash caused by Saudi Arabia’s decision to raise production. Skip and Dez also discuss the current state of OPEC’s influence, with competition from U.S. shale production and the impact of China’s economic slowdown putting pressure on the organization’s ability to control oil prices.

Insights

This episode provides valuable insights into OPEC’s history and its ongoing role in the oil market, including:

  1. The 1973 Oil Embargo and its effect on the global economy.
  2. The 1986 oil price crash, which resulted from overproduction by OPEC members.
  3. How technological advancements and alternative energy sources have reduced global reliance on OPEC oil.
  4. OPEC’s current strategy of production limits to maintain higher oil prices.

 

In Summary

D2B 334 offers a detailed analysis of OPEC’s historical and current influence on global oil markets. The episode underscores the complex interplay between politics, economics, and energy production, providing listeners with a comprehensive understanding of OPEC’s evolving role in the world economy.

 

Take Action

Learn more about how OPEC has shaped the oil market and what the future holds by tuning into this in-depth discussion. Join the D2B community on social media to share your thoughts on OPEC’s past and its ongoing influence on energy prices.

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