OPEC: Achievements, Constraints/Limitations as a Weapon of International Politics

Abstract

In contemporary times, the Organization of Petroleum Exporting Countries has attracted a great deal of attention regarding its potentiality as a weapon of International politics. Although, its formation was not initially influenced by factors of using it as an instrument of real politic, yet in its growth and experience over the years, circumstances and forces of its leadership, and services have ultimately turned it into an organization of global politics at least in the direction of one of the world's most desired energy resources – Petroleum. No doubt, any organization committed to petroleum development would adopt policies and measures, which would ensure that maximum of benefits, would accrue to its economy.

It was this motif that actually gave birth to the Organisation of Petroleum Exporting Countries (OPEC) in 1960 wherein as a result of serious fluctuation in the price of oil and its production, attendant low prices and poor financial returns to the product; a meeting was therefore inaugurated to find lasting solutions to the negative trend.

The need to reverse this trend was actualised when at the instance of Iraq government, representatives of the large exporting countries - Iran, Iraq, Kuwait, Saudi Arabia and Venezuela convened in Baghdad from September 10 – 14, 1960, to discuss/deliberate upon these unfortunate matters, the results of which led to the establishment of the Organisation of Petroleum Exporting Countries.

Given the circumstances of the establishment since 1960, a lot of actions and events of international dimensions have occurred which eventually shaped the operations of this organisation, which deserve attention and consideration. It is therefore, necessary to stress at this stage what this work seeks to assess the major achievements of the organisation – OPEC, its constraints and limitations over the years and ultimately to ascertain its potent force as an instrument of international politics, not just to its members alone but to its numerous patrons and customers in the international energy market. The methodology adopted for this work is the simple historical content analysis of the events in the lifespan of the organisation since 1960 till the present reckonings. This has been attained through the resort to a multiplicity of sources – the media, newspapers and television, and post written records on the subject matter.