World economic order depends on decisions made by the Organization of Petroleum Exporting Countries (OPEC), a Bahraini industry expert said.
Oil prices, which directly affect the global economy, are the result of a balancing act by OPEC, Caltex general manager, Majeed Shafea, told the Gulf Daily News.
He said the organization’s role had changed over the years from that of an exporting body to a vital mechanism that manages the world equation.
"There was no politics involved in that, except for the simple supply and demand equation," Shafea said.
"OPEC was initially set up by the countries to say that we want the just price for our commodity.
"Today it plays a vital role in preventing the oil prices from shooting through the ceiling, or dropping sharply."
Oil consumption is soaring and the Middle East will remain a major supplier, with reserves for another 90 years, at current estimates, said Shafea – Albawaba.com
