Somtochukwu

Some of the roles of OPEC are as follows;

1. OPEC played direct role in the exploration and production of oil by directing its members in June 1968, to acquire participating interest in such activities in their territories.
2. OPEC came into existence in order to stabilize the price of oil by putting a ceiling to production by each member and in turn determining at what price their oil would sell.
3. As OPEC maintains stable price of petroleum, so also it ensures efficient and regular supply of the oil to the world market.
4. It co-ordinates and unifies petroleum policies of the member countries.
5. Another major roie played by OPEC is increase in the price of oil thereby, raising the oil revenue of member nations.
6. OPEC played a role of re-directing the political imbalance between the Third World countries and the so-called First World Nations.

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