The Organization of Petroleum Exporting Countries (OPEC) is the global organization that has been mandated to manage the world’s most valuable natural resources. Well this organization appears to be an academic type of organization that only operate in the form of making complex petroleum control policies that are quite attractive to the eye but never come to meet the light of the day (Colgan, 2014). Petroleum exporting nations across the globe have been the worst hit nations by insecurity, political instability to mention but a few of the problems that the civilians in majority of the petroleum rich nations suffer from. In fact petroleum appears to be a major source of insecurity. This article appraises the failures of OPEC as the global management body entrusted the responsibilities of manning this precious resource. Research indicates that OPEC has negligible or no impact on the petroleum exporting nations right from the production level (Colgan, 2014).
The aim of the article is to establish why scholars and the general society across the globe still acknowledges the role of OPEC in the global petroleum market. This organization has historically been faulted the operations of the organization citing its inefficiency to perform its managerial role (Colgan, 2014). It has unfortunately been turned in to a partisan political tool used to amerce global prestige. Take for instance the depleted state of humanity in petroleum rich nations such as Libya, Iran, Iraq to mention but a few. These are the leading nations in insecurity and poorest nations of all yet they host the most valuable natural resource richly. The failure of OPEC must be turned around if the petroleum resource is bound to give any dividends, developments and growth across the globe (Colgan, 2014).
This is a pretty proactive article that takes the risk of corruption and partisan management of natural resources head on. The failure of OPEC to execute the diligent, harsh and standardized petroleum regulations has long been swept below the broom of appraisal. It is such ignorance that has gradually converted the role of OPEC from managerial position to a political roles. In the wake of globalization, the need to have economically stable nations as close allies has dented OPEC’s operation critically (Colgan, 2014). Unlike other articles that evaluate the operations of OPEC in politically favorable grounds; this article opts to face the problem from the source and identifies the shortcomings of the organization without fear of political intimidation or the cautious approach of unveiling the tumor of political greed that has gradually crippled the entity.
Petroleum belongs to the first class of natural resources. It is the perfect opportunity of a nation to develop a highly competitive and productive economy. Unfortunately, the current state of economy in approximately 60% of the petroleum rich nations is beyond repair. Politics seems to be the dirty tool of protecting corruption affecting the Organization of Petroleum Exporting Countries (Colgan, 2014). The reason why this article stands out from the other articles on the issue of OPEC is the simple approach that opts to expose the dirty linen of the so called global leaders and their negative influence to keep on molesting the naïve petroleum rich nations from their own greedy gains. If we take the way of changing OPEC as per this article, there is a good chance that petroleum will again become the leading economic builder.
Colgan, DJ. (2014). The Emperor has no clothes. The Limits of OPEC in the Global Oil Market. International Organization, 68. Pp. 599-632.