The Impact and Influence of OPEC on Global Trade

An important concept chosen this week is the Organization of Petroleum Exporting Countries. The Organization of Petroleum Exporting Countries was founded in Baghdad in Iraq on September 14, 1960 and was registered with the UN Secretariat on 6 November 1962 (OPEC, 2013). The Organization of Petroleum Exporting Countries has defined that it is a permanent intergovernmental organization currently composed of 12 oil producing countries and exporting countries spanning the Americas, Asia and Africa (OPEC, 2013, p. 7 ). )

Petroleum trading under the WTO may also limit the impact of OPEC on global oil supply and global energy prices. In the 1970s the United States thought that the potential power of oil exporters organizations and their member countries on crude oil prices hindered the orderly and stable market and threatened the national interests of the United States. Prejudice continues to this day. 132 One way to limit OPEC's control over the world's energy markets is to promote more energy trading within the scope of the WTO's multilateral agreement.

For example, consider the impact of economic globalization. Expansion of trade, investment and corporate activities has long fascinated countries such as cartels like OPEC, trade society like the European Union, and international organizations like the International Monetary Fund. However, in the 1970s globalization of the economy infringed the nation-state's own privilege of managing trade and domestic currency and implementing policies that regulate the environment, safety and health, and labor.

International trade is the exchange of goods and services in various countries. Industrialization, transportation, globalization, multinational corporations, outsourcing have a major impact on international trade. International trade is a major source of national economic power. Without international trade, goods and services will not cross the border. Although international trade is not different from domestic trade, there are only differences in international trade costs, trade tariffs, border issues, social factors and so on.

Cultural, economic, political and social factors have a great influence on international business law, as attitudes towards law differ. They affect the way we operate internationally and affect international trade relations. In export control and trade sanctions mandated by foreign policy or national security clearly there are difficulties in political separation, foreign policy and national trade. With the advent of domestic investment policies, the issue of trade and investment is also a challenge for international business. The socio-economic and political forces that influence the development of the Commercial Law and the development of the legal system make the legal environment for international business extremely tight. The business environment of developing countries, especially China has greatly improved