The Evaluation of OPEC's Influence on the World Economy

The paper analyzes the influence of OPEC on the economy of consuming countries and oil-producing countries with the help of indicators such as the gasoline price, the price of OPEC oil, GDP, price inflation, dollar variations and the OPEC role in politics. The conclusion is that OPEC has little effect on the oil market and the world economy in general - the major role it plays is the role of political stabilizer in the market. The measures which will potentially strengthen the political role of OPEC in the world oil market are introduced.