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Word Count: 674
The Iran Daily reports on OPECs failure to establish a good link with global trends and the world business trends of Globalization The Organization of Petroleum Exporting Countries OPEC was formed when seven major oil companies had monopolized the oil market in the 1960s at that time the organizations primary responsibility was to insure the rights of crude oil producers worldwide Today OPEC has 11 countries as members and supplies more the 40 of the worlds oil and maintains 78 of the reserves OPEC has been instrumental in creating agreements with the world trade organization on strategic policy for trade and tariffs that insure that oil producers achieve a reasonable rate of return and that stable supplies of oil for is available for consumption The Iran Daily newspaper printed that the price spiral is a direct reflection of OPECS inability to keep pace with Globalization OPEC was established 40 years ago and has proven itself slow for adopting policy These policies and guidelines that it does adopt seem to depend solely on the contribution and growth of the international economy only Today OPEC policies do not directly support the concept of convergence which is now a distinguished part of the global economy The concern is that the market requirements have changed With the on set of technology advances and corporate mergers OPEC production and sales policies have are not meeting the demands of this global market It is important to mention that no international organization has the ability to declare policy on its own But one of sole OPECs objectives is to draft and purpose policies that will stabilize the oil market It is also note worthy to mention that oil prices are also rising because of the high cost cleaner-burning gasoline that is required in many cities Oil companies are using this as a excuse to explain the price gouging There is no justifiable answer as to the price gap between conventional
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