OPEC evolution in the period of oil crisis 2014-2016. Features of intraregional interaction

The Organization of Petroleum Exporting Countries (OPEC) is an international intergovernmental organization established by oil-producing countries to coordinate activities and develop common policies for oil production among the participating countries. It maintains stable oil prices, ensures supply to consumers, and obtains a return on investment in the oil industry. It was formed at the international conference on September 10-14, I960 in Baghdad (Iraq) as an organization that could withstand American and European oil companies. Virtually all OPEC oil companies are state owned or state controlled. Today, the role of OPEC in the global oil market causes many questions because of objective circumstances. There are opinions that the Organization has lost control over the energy market. Considerable interest causes the existence of the cartel in the complex geopolitical realities of the Middle East, in the situation of the Organization's practical split during the 2014-2016 oil crisis in two opposite camps in terms of assessing the situation with quotas and oil prices and ways out of it. The main problem of the majority of the OPEC system in recent years has been an unstable political situation, which has a significant impact on the regulation of the world oil market and the activities of OPEC.