To what extent the authority of OPEC in deciding the global oil prices has eroded? What are the factors that led to this erosion? Examine.

With the discovery of alternate Oil resources in North Sea and Alaska and other places in the world during 1980; reduced the dependence of other countries on OPEC countries for crude oil. Furthermore, within a short span of time, crude oil the production of OPEC was surpassed by that of other countries. This ended the monopoly of OPEC over crude oil resources.
At present scenario, many oil fields have been discovered at various places across the world, leading to increase in crude oil production and reduction in its price. Furthermore there have been discovered, alternate sources of energy such as Shale gas and CNG etc, which reduced the countries dependence over crude oil.


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