The selected key concept of the week is OPEC: The Organization of the Petroleum Exporting Countries was formed on September 14, 1960 in Baghdad, Iraq and registered with the United Nations Secretariat on 6 November 1962 (Organisation of the Petroleum Exporting Countries, 2013). OPEC defines itself as “a permanent intergovernmental organization, currently composed of 12 oil-producing and exporting countries, spread across three continents: America, Asia and Africa (Organization of the Petroleum Exporting Countries, 2013, p. 1). My specific interest is exploring OPEC's influence on global trade and economies. Key Term The formation of OPEC in the 1960s was motivated by complex and interdependent factors including the end of British colonization, increased demand for oil-based energy, and the desire for member countries to benefit from – and control – the market price of “the most valuable commodity in the history of the world” (Myers & Lyford, ND, p. 1): crude oil. Today OPEC claims to have three primary objectives:1. Coordinate and unify the oil policies of member countries and determine the best means to safeguard their individual and collective interests;2. Seek ways and means to ensure the stabilization of prices in international oil markets, in order to eliminate harmful and unnecessary fluctuations; e3. Provide an efficient and regular supply of oil to consuming nations and a fair return on capital to those who invest in the oil industry (Organization of the Petroleum Exporting Countries, 2013). Summary of Main Article In January 1975, the Journal of Business published a very interesting article entitled “The Future of OPEC” in which the...... half of the document ......ries. (2013, November 14). About OPEC. Retrieved from Organization of the Petroleum Exporting Countries: www.opec.orgCairnsa, R.D., & Calfucura, E. (2012). OPEC: Market Failure or Power Outage? Energy Policy, 50, 570-580. doi:http://dx.doi.org/10.1016/j.enpol.2012.07.058Dorraj, M. (1993). Will OPEC survive? Arabic Studies Quarterly, 19-33. Dunstan, S. (2007). The Yom Kippur War: The 1973 Arab-Israeli War. New York: Osprey Publishing.International Energy Agency. (2008). Global energy prospects. Paris: IEA.Mancke, R. (1975). The future of OPEC. Journal of Business, 11-19.Myers, J., & Lyford, M. (ND). Oil and peak oil. (pp. 1-109). University of Wyoming. Retrieved from http://www.uwyo.edu/smtc/_files/docs/projects/qr%20stem/cohort%204/symposium%201%20laramie%20june/myers/peak_oil.pdfSatterlee, B. (2009). Cross-border trade. Roanoke: Synergistics Inc. .