THE STATUS QUO OF THE UNITED STATES AND OPEC
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Abstract
The Organization of Petroleum Exporting Countries (OPEC) is an eminent Intergovernmental Organisation with the motto to unify and harmonize policies on petroleum among its members. The idea was to create economic stability and secure fair pricing for petroleum-producing countries. OPEC’s formation by five oil-producing growing countries in Baghdad in September 1960 took place at a time of transition within the international economic and political landscape, with extensive decolonisation and the start of many newly independent states inside fostering world.i And of course, the historical backdrop of the United States with oil has consistently been intriguing, and in like manner, the relations of the U.S. with OPEC have reliably been temperamental.ii The relationship originated during the Primary Oil Shock in the year 1973-1974, as Elass highlighted that the United States got convinced that every effort made by OPEC in the form of crude prices or using energy as any form can be transformed into petrodollars considering the reasonable social interests in its allies in the Middle East.iii
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