National Institute of Technology Karnataka, Surathkal ie@nitk.edu.in
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OPEC and its influence on the world economy

PROBLEM STATEMENT:

The primary purpose of this project was to study how the organization of OPEC and its policies has influenced the world economy in the past and the present. We wanted to show how OPEC and the oil economy can cause huge changes to the world economy. This was a research based project.

METHODOLOGY:

We went through various research papers and published data to gather various facts. We studied various graphs and trends to make sense of the changes in the world economy due to alteration of OPEC policies. We had to make few changes to our project with respect to the latest issues regarding OPEC policies.

RESULTS

It has helped us understand how the world economy can be influenced heavily by an important commodity such as oil. It helped us understand the importance of a governing body to monitor policies with respect to petroleum. We also understood tensions between various countries with respect to issues involving petroleum.

FUTURE WORK

The future is to obtain more data regarding the oil producing nations with a further step of adding a mathematical model and trying to predict the futures market of oil as a commodity and how it will affect the economic status of the world economy.

KEY LEARNINGS

We learnt a great deal on the organization called OPEC and its member nations and how each member nation has a share in the oil market. We also learnt key aspects influence these oil producing nations have on the world economy. Concluding with a learning of what holds in the future of OPEC and the oil market.

CONCLUSION

We got to understand how oil is such an important commodity in determining the economic status of the world and how a fluctuation in the value of oil can leverage a lot of factors in the world.

TEAM

● Sriniketh Gautam - sriniketh.gautam@gmail.com
● Siddharth Ramesh - siddhrams@gmail.com