Why Does OPEC Control Oil Prices?

The video discusses OPEC's formation, its influence on the global oil market, and its role in supply and demand dynamics. It highlights the economic and geopolitical impacts of OPEC's decisions, including production caps and their effects on oil prices. The video also explores the implications of OPEC's actions on US-Saudi relations and the broader geopolitical landscape, particularly in the context of Russia's actions in Ukraine.

What is OPEC and when was it formed?

How much of the world's crude oil is produced by OPEC nations?

What factors influence the price of oil according to the text?

What impact did the COVID pandemic have on the oil market?

What was the reaction of President Biden to OPEC's decision to cut production?