It Coordinates the oil production policies; Helps oil producers to achieve a reasonable rate; Try to stabilize the market; Maintaining stability in oil production https://www.youtube.com/watch?v=0c3UCY7q1bU&list=PLhyMzSeTtBVMcTWmov4abCGr6veX0ssTU. The OPEC Member Countries adjust their oil productions activities in order to bring stability to the petroleum market and help manufacturers get a good return on their investments. Physics. The effect can be particularly strong when wars or civil disorders lead to extended interruptions in supply. Functions. This policy is also designed to ensure that oil consumers continue to receive … OPEC is a cartel that aims to manage the supply of oil in an effort to set the price of oil on the world market, in order to avoid fluctuations that might affect the economies of both producing and purchasing countries. The Organization of the Petroleum Exporting Countries (OPEC) is a cartel consisting of 14 of the world’s major oil-exporting nations. The formation of OPEC marked a turning point toward national sovereignty over natural resources, and OPEC decisions have come to play a prominent role in the global oil market and international relations. Basic Maths for Physics. Defining Functions; Domain and Range; Some Standard Functions; Equal or Identical Functions; Transformations; Classification of Functions (one-one, onto) Composite Functions; Inverse of a Function; Odd and Even Function; Periodic Functions Originally Answered: what exactly is the function of OPEC in the oil market? Functions of OPEC. The most recent OPEC conference took place on 8 March 2006 in Vienna. Important Functions Of OPEC. Organization of the Petroleum Exporting Countries(OPEC) has a working methodology which is mentioned below. OPEC was originally created by a group of producing countries to a) manage the price of crude oil or b) stabilize the crude oil market by increasing or decreasing their production of crude oil. As anticipated, it has been decided to maintain the current OPEC production ceiling of 28 million barrels per day despite the volatility of crude oil prices which OPEC assert are driven by "geopolitical factors and associated concerns regarding potential future supply disruptions, as well as downstream bottlenecks". It is an intergovernmental organization, as opposed to a nongovernmental organization (NGO), such as Oxfam or Amnesty International.