London-What is OPEC for? Some of the oil producer group’s members may be asking that very question as the price of oil continues its downward trajectory, with Brent crude futures sliding further this month to trade at a new fiveyear low of $58.50/barrel. Six months ago, Brent was worth $115/b. OPEC itself says its mission is to “coordinate and unify the petroleum policies of its member countries 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 for those investing in the petroleum industry.”
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