DefinePK

Abstract

This study suggests a critical study on the fluctuations rate of “global oil” and its influence on OPEC countries from 2010 to 2021. The cost of oil has been a critical factor in the global economy since its founding in the mid-19th century. In the past decade, the costs have fluctuated enormously, with a peak in 2008 followed by a decrease in 2009. Following this costs increased again in 2010 but have stayed explosive until now. This paper will discuss the aspect behind these fluctuations and their effect on OPEC countries. It will also consider the strategies utilized by OPEC countries to handle the fluctuations and their usefulness. Finally, the paper will deliver a prognosis of oil costs for the next decade and its significance for OPEC countries. By studying the global oil fluctuations and their effects on OPEC, this paper delivers a better knowledge of the recent dynamics of the “global oil” market and the options for OPEC countries. Finally, the study evaluates the impact of global oil price fluctuations on OPEC countries, including the impact on their respective economies, budgets, and trade balances. The study concludes that while the global oil price fluctuations have had both positive and negative effects on OPEC countries, the overall impact has been positive, as most OPEC countries have benefited from higher oil prices. The study also provides policy recommendations to help OPEC countries manage the risks associated with global oil price fluctuations.