Why is opec important

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Special Considerations. Key Takeaways: Oil prices are driven by many factors including supply and demand. OPEC especially Saudi Arabia have the upper hand in determining the direction of oil prices, but Russia has also become a key player.

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This article is also available for rental through DeepDyve. View Metrics. Email alerts Article activity alert. Advance article alerts. New issue alert. Subject alert. Ecuador - ; Indonesia - ; Qatar - Customers in the United States experience long lines at gas stations and at times cannot find gas at all. Prices go from 36 cents a gallon in to over 50 cents a gallon in Libya and Syria refuse to drop the ban, and Iraq boycotts the talks. December 31, - Libya lifts its month-old oil embargo against the United States.

Jennifer Gnana. What is Opec? Why did it come into existence? Who are its members today? Abu Dhabi National Aquarium: photos from opening day.