OPEC vs US
- Oil was first commercially extracted and put to use in the U.S.
- The United States controlled oil prices for a majority of 20th century.
- The supply and demand for oil rose with the discovery of oil in Iran in 1908 and Saudi Arabia during the 1930s.
- OPEC increased the influence on oil price leverage because of American reliance on imported oil.
- OPEC controls oil prices through its pricing-over-volume strategy.
- lThe Iran-U.S. nuclear debate could also impact oil production.
- The U.S. is the top producing nation, and the top exporters are mainly the members of OPEC.
Edited 28 May 2020, 18:30
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