SUPPLY-DEMAND
We have been talking today about supply and demand and their effect on prices. Today we have a piece of news about this. You can read it in the links. What is Opec? The Organisation of the Petroleum Exporting Countries (Opec) was founded in Baghdad in 1960 by five of the world’s biggest oil producers – Iraq, Iran, Kuwait, Saudi Arabia and Venezuela. The group has 14 members and accounted for 43% of global oil production and 73% of the world’s proven oil reserves in 2015. The countries' joint mission is to coordinate policies and ensure stability in oil markets so consumers have a regular and economic supply, and producers receive a fair return. Opec is headquartered in Vienna and meets at least twice a year. https://www.theguardian.com/business/2016/nov/30/oil-price-opec-cut-in-output-saudi-arabia-deal-market http://www.bbc.com/news/business-38155185 http://www.huffingtonpost.es/2016/11/30/opep-sube-precio-petroleo-como-afecta-ciuda
