OPEC & Globalization



The Organization of Petroleum Exporting Countries (OPEC) and the World Trade Organization (WTO) are two of the most visible international economic institutions today . but, they are aften associated with two diametrically opposed players in the global economy . the WTO with the savage rules of the market and OPEC with the demonized intergovernmental manipulation of prices. OPEC has pivotal role as the forum for the negotiations, regulation of petroleum supplies and ultimately of prices and the role of the WTO as a foremost forum of negotiations and regulations of trade in virtually all tradable items at large . This article inquires some lights on the issue of whether the multilateral trading system has any room to accommodate OPEC as an organization and to analyze the interface between these two organizations in the existing international economic order and their respective roles over the petroleum industry .