The Role of OPEC and OPEC Plus in Oil Markets: An Econometric Study

Abstract

Through this paper, we aim to discuss the role of the OPEC, and then the OPEC+ alliance, in controlling and determining oil prices in international markets. using two variables of oil production and prices, and by linking oil prices to the production of each of OPEC, Non OPEC and OPEC+.

We concluded that the role of OPEC in the energy markets was fluctuating through time. and even weak in many periods, especially at the beginning of this century. However, the OPEC + alliance brought the organization's influence back to the fore, and showed a significant impact on oil prices, Which confirms that the expansion of OPEC to other producers, With greater coordination, it will inevitably lead to the growing role of the coalition and the achievement of its goals