Hamilton, A18). U.S. diplomats are currently in deliberation with Arab leaders to come to a consensus on oil prices. Yet, OPECs current oil policy is only more evidence to its role as a major actor in the world economy.The strongest point of these critiques lies in the fact that oil is the most important resource of the South, and only OPEC countries have access to profiting as a result of its sale. However, it would not be practical to assume that OPECs control of the oil industry could force the North to accept the NIEO that the South demands. Although this is true, one could not say that OPEC did not serve to promote the Souths interests. The weak point of these critiques can be found in the argument that the South incurred massive debts as a result of the energy crisis, from which they never recovered. OPEC did not hesitate to provide foreign aid in vast amounts to developing countries. Their contributions to third world countries actually exceeded the total bill incurred on imported oil for all developing countries. This proves that, not only did OPEC create revenue for themselves, but they had enough interest in advancing the South that they provided massive financial assistance.The impact of OPEC on the world economy will always be a controversial topic. Even today, increased oil prices force the United States into deliberations with Arab nations. As long as oil continues to be the worlds main energy source for transportation, OPEC will continue to have enormous power and control over the international political economy. OPECs direct influence in such an important market will continue to pressure the North to initiate an open dialogue with the South. With a unified economy, the South is capable of creating the same situation that OPEC found itself in. However, until the South can find a way to accomplish such interests, OPEC will be the main vehicle in enhancing the interests of the South. While OPEC by itself canno...
