OPEC and Oil: The Next 50 Years.

The article focuses on the current position of the Organization of the Petroleum Exporting Countries (OPEC) and the role it will play after its 50th year of existence. An overview of the organization's history is provided. OPEC makes policy decisions such as allocating production quotas to member countries so as to keep international oil prices stable. The position of OPEC is predicted to remain strong in the coming years owing to the world's dependence on its rich oil reserves.