Abstract
When OPEC was founded in 1960 the main aim of the organization was to secure stability in oil prices. OPEC was not able to exert a controlling influence on the world oil market until more than a decade later. It may seem paradoxical that stability in the oil price and in oil earnings has been much lower after OPEC achieved its supreme position than before, but then it was not only a question of stability, the real issue was the right to acquire the rent value of the vast low-cost OPEC oil resources.
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References
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Berger, K., Bjerkholt, O., Olsen, Ø. (1990). The options for independent oil-exporting countries in the 1990s. In: Bjerkholt, O., Olsen, Ø., Vislie, J. (eds) Recent Modelling Approaches in Applied Energy Economics. International Studies in Economic Modelling. Springer, Dordrecht. https://doi.org/10.1007/978-94-011-3088-2_12
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DOI: https://doi.org/10.1007/978-94-011-3088-2_12
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