Oil is the top ranking commodity of our modern world. Some would say that the discovery of vast r... more Oil is the top ranking commodity of our modern world. Some would say that the discovery of vast reserves of oil in the Middle East is one of the great ironies of history because, since the 1960s, oil has played a major role in the international economy. So much of the world's production and infrastructure is dependent on affordable supplies of oil. Countries blessed with large reserves, logically then should have a strong bargaining tool with which to influence their own political and economic status in the world economy. Indeed it is commonly believed that the Organisation of Petroleum Exporter Countries (OPEC) and its member states are able to monopolise the world economy through its policies and prices.
Oil is the top ranking commodity of our modern world. Some would say that the discovery of vast r... more Oil is the top ranking commodity of our modern world. Some would say that the discovery of vast reserves of oil in the Middle East is one of the great ironies of history because, since the 1960s, oil has played a major role in the international economy. So much of the world's production and infrastructure is dependent on affordable supplies of oil. Countries blessed with large reserves, logically then should have a strong bargaining tool with which to influence their own political and economic status in the world economy. Indeed it is commonly believed that the Organisation of Petroleum Exporter Countries (OPEC) and its member states are able to monopolise the world economy through its policies and prices.
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