ten countries are a part of opec.
how many countries are a part of opec?
ten
economists often cite opec as a textbook example of a cartel that cooperates to reduce market competition, but one whose consultations are protected by the doctrine of state immunity under international law. in december 2014, "opec and the oil men" ranked as #3 on lloyd's list of "the top 100 most influential people in the shipping industry". however, the influence of opec on international trade is periodically challenged by the expansion of non-opec energy sources, and by the recurring temptation for individual opec countries to exceed production targets and pursue conflicting self-interests.





























section::::membership.





























section::::membership.:current member countries.
opec
opec's membership began to have divided opinions over what actions to take. in september 1985, saudi arabia became fed up with de facto propping up prices by lowering its own production in the face of high output from elsewhere in opec. in 1985, daily output was around 3.5 million bpd, down from around 10 million in 1981. during this period, opec members were supposed to meet production quotas in order to maintain price stability; however, many countries inflated their reserves to achieve higher quotas, cheated, or outright refused to accord with the quotas. in 1985, the saudis tired of this behavior and decided to punish the undisciplined opec countries. the saudis abandoned their role as swing producer and began producing at full capacity, creating a "huge surplus that angered many of their colleagues in opec". high-cost oil production facilities became less or even not profitable. oil prices as a result fell to as low as $7 per barrel.
1980s oil glut