Organization of Arab Petroleum Exporting

Organization of Arab Petroleum Exporting Countries (OAPEC)... 

Sponsored by the Kuwait Institute for Scientific Research, the Kuwait Foundation for the Advancement of Science, the Kuwait National Petroleum Company, the Kuwait Petroleum Corporation, Kuwait University, the Gulf Cooperation Council, the Public Authority for Applied Education and Training, the Petrochemical Industries Company, and the Organization of Arab Petroleum Exporting Countries. 

Geopolitics can definitely affect the supply of oil as demonstrated by the 1973 oil crisis where OAPEC (Organization of Arab Petroleum Exporting Countries) restricted shipments of crude oil to the United States and European countries as a result of the Yom Kippur War. While the political environment today is certainly different from 1973, there are no guarantees that another restriction in oil supply could not happen in the future. With the world economy, oil supply often barely meets demand. Even a relatively small political crisis in a small oil-producing country can result in major global dislocations. 

The Organization of Petroleum Exporting Countries (OPEC) includes Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. 

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