8 problems facing OPEC

8 problems facing OPEC

Some of the problems of OPEC are as follows:

(i) One of the problems facing OPEC is the declining loyalty of its member-nations which has made it difficult for the decisions of the organisation to be obeyed.

(ii) The present challenge and competition posed by non-OPEC oil producing nations like Britain, Mexico, Norway etc. give OPEC a serious food for thought.

(iii) OPEC is also faced with the problem of its member-nations side-tracking their agreed and fixed production quota.

(iv) The world economic depression which brought about fall in oil price affected OPEC drastically.

(v) OPEC is also faced with the problem of increasing research by Western advanced nations to find substitute for oil.

(vi) The activities of the advanced nations in stockpiling oil which contributed to the fall of oil price is causing great concern in OPEC.

(vii) Political disagreement which sometimes leads to war between member-nations, like Iran and Iraq war, causes a serious problem to OPEC.

Also read:  What are the branches of Economics? - meaning and explanation

(viii) The rivalry for the leadership of the organisation between Saudi Arabia and Iran is a big problem to OPEC.

Click here to download “8 problems facing OPEC” as PDF.

Somtochukwu
Connect on

Somtochukwu

Motivational speaker 🔊 and writer.

Somtochukwu speaks to English hearing audiences and she writes motivational and informational books.

She can always booked as an external speaker for your event, conference, in order to propel them to achieve more.
Somtochukwu
Connect on

Leave a Reply

We promote Events, Businesses, Videos, Products, Music, etc. Call +234 8061388655 for fees and further inquires.