Speculation on the role of OPEC

Speculation about the role of OPEC in the fluctuation of world oil prices has been well reported by the press in past months.Of some concern is the continuing implication that some OPEC countries, such as Saudi Arabia and others, are endowed with enormous oil reserves ready and primed to be tapped to satisfy world market demands as required. The fact is, these countries have been producing oil for a long time and many of these fields, including Ghawar in Saudi Arabia, the world's largest, are well into their depletion stage.In order to maintain production rates in depleting fields, continued expensive investments are required such as workover of wells, additional drilling, and infrast...

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