name the body which controls oil prices in international market?
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There no body that controls the oil price the oil commodities market controls.
OPEC (Organization of the Petroleum Exporting Countries) attempts to and often succeeds in controlling the oil price through the control of oil production by member states. But supply is just one factor of price in any trade. The other variables are not in the control of the producers thus a cartel like OPEC fails to "control" the price.
OPEC (Organization of the Petroleum Exporting Countries) attempts to and often succeeds in controlling the oil price through the control of oil production by member states. But supply is just one factor of price in any trade. The other variables are not in the control of the producers thus a cartel like OPEC fails to "control" the price.
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