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Oil Markets, OPEC, and the MENA Region

In: Economics of the Middle East Development Challenges

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  • Julia C Devlin

Abstract

In 1960, a small organization functioning more or less like a trade union was created by five oil exporting developing countries. By the mid-1970s, this organization, the Organization of the Petroleum Exporting Countries (OPEC) had grown to 12 members, the majority from the Middle East and North Africa (MENA) region and came to represent more than half of world oil exports and nearly all of the spare oil production capacity in the global economy…

Suggested Citation

  • Julia C Devlin, 2016. "Oil Markets, OPEC, and the MENA Region," World Scientific Book Chapters, in: Economics of the Middle East Development Challenges, chapter 2, pages 35-55, World Scientific Publishing Co. Pte. Ltd..
  • Handle: RePEc:wsi:wschap:9789814675208_0002
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    More about this item

    Keywords

    Economic Development; Middle East; North Africa;
    All these keywords.

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O20 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - General
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
    • R58 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Regional Development Planning and Policy

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