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OPEC - The Failing Giant (Hardcover)
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OPEC - The Failing Giant (Hardcover)
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A glut of oil, dropping prices, the threat of insolvency, a divided
membership -- these developments in the early weeks of 1985
underline the cogency of Mohammed Ahrari's historical study of the
OPEC oil cartel and his argument that economic forces, not
politics, determine OPEC's action in the world arena. The impetus
for the formation of OPEC in 1960 was the desire of the
oil-producing states for greater income from their most valuable
resource. The international oil corporations had secured lucrative
concessions early in this century, and in the 1960s they still
dictated both the terms of production and the prices paid the oil
states. In the buyers' market of the 1960s, the organization found
itself with little economic clout. But in the early 1970s, OPEC
members succeeded not only in manipulating the price of crude oil
but in reducing the status of the oil corporations to that of mere
managers of upstream operations. In addition, they accumulated
enormous numbers of petrodollars by exploiting increasingly tight
markets in the aftermath of the oil embargo of 1973 and the Iranian
revolution in 1979. The effects of OPEC policies on the consuming
countries have been skyrocketing inflation and sustained recession,
with profound political repercussions. But the OPEC members have
found their apparent power an uncertain blessing, as Mr. Ahrari
demonstrates. Their failure to develop pricing formulas sensitive
to fluctuations in the international oil market have made them
highly vulnerable. In addition, the political tensions emanating
from the Iran-Iraq war and from the specter of repetition of
Iranian-style revolution elsewhere in the Persian Gulf have made
OPEC's continued viability highly uncertain.
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