No, OPEC does not control the oil market. OPEC Member Countries produce about 41% of the world's crude oil and 15 per cent of its natural gas.
However, OPEC's oil exports represent about 55% of the oil traded internationally. Therefore, OPEC can have a strong influence on the oil market, especially if it decides to reduce or increase.
OPEC seeks stability in the oil market and endeavours to deliver steady supplies of oil to consumers at fair and reasonable prices.....Hey come back here!
