OPEC is a collection of oil-exporting types of countries.
The majority of developing nations that export oil rely primarily or largely on petroleum resources for their economy. These are quickly running out. Their reserve to production ratios is often not much higher than the ideal minimum. Therefore, their governments have a strong incentive to slow down the depletion of these resources, while, of course, avoiding a reduction in oil output under normal conditions or affecting the economy of the oil-importing nations.
Reduced consumer demand for items made in oil-importing countries results in a rise in global savings, which pushes interest rates lower.
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