Impact of OPEC Policies over the Global Economy: Case of USA

Abstract

This article is focused on how OPEC policies have historically shaped global economic outlook; with a case example of United States of America (USA). The main aim of this study is to reflect the role of USA in strengthening of global economy using OPEC's policies as the frontline mechanism and demonstrate an understanding of the key challenges confronted by world economies (especially emerging countries) by OPEC policies influenced by the super-power USA. This also mentions how USA has made efforts in reducing its overdependence on OPEC for oil, and how it aims to preserve and enhance national resources so as to gain oil independence. The study is directed using mixed methodologies to examine how the consequences of OPEC policies are helping shape world economies, especially of the USA since it does not have very good relations with the OPEC member states in particular.