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Organization of the Petroleum Exporting Countries

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I have the following task, and I need some help getting started: Write a 400 word summary in which the market in which OPEC Organization of the Petroleum Exporting Countries operates in.

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I have the following task, and I need some help getting started: Write a 400 word summary in which the market in which OPEC Organization of the Petroleum Exporting Countries operates in.

The market in which the Organization of the Petroleum Exporting Countries operates is the world oil market. Currently, the oil prices have fallen in September and October because of lower demand. The crude futures in the US fell from $100 billion in early September to $90 in the beginning of October. This fall has lowered the forecast for demand for crude oil in the year 2008 and 2009. For example the demand forecast for 2009 has been reduced by 440 kb per day. The global oil supply fell by 1.1 mb per day. The immediate reasons are the storm in the Gulf of Mexico and stoppages ...

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