The new world oil market is distinguished by the level of uncertainty that surrounds trends in the price of crude oil. Although its influence has been diminished, OPEC remains a key player in this market and it is of interest to try to understand its current behaviour. From a retrospective analysis of its actions over the last two decades one can perceive the lessons that the Organization appears to have drawn from its experience. Based on this understanding, and taking account of the present reality, one can infer that OPEC must choose between two strategic paths. From its current stance, it appears inclined to abandon its effort to be the exclusive regulator of the international oil market.
"OPEC's Learning Process,"
Energy Studies Review:
1, Article 3.
Available at: http://digitalcommons.mcmaster.ca/esr/vol6/iss1/3