Another major influence on supply of oil is the production restrictions by the Organisation of Petroleum Exporting Countries (OPEC) on its member states like Libya, Iran, among others, on supply. OPEC's mission is to coordinate and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital to those investing in the petroleum industry. It is therefore OPECs responsibility to regulate the oil supply on the global markets to ensure stable market conditions (International Energy Agency, 2007). | Another major influence on supply of oil is the production restrictions by the Organisation of Petroleum Exporting Countries (OPEC) on its member states like Libya, Iran, among others, on supply. OPEC's mission is to coordinate and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital to those investing in the petroleum industry. It is therefore OPECs responsibility to regulate the oil supply on the global markets to ensure stable market conditions (International Energy Agency, 2007). |