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The organisation controls 78 percent of the world’s oil exports. As these OPEC nations produce such a significant portion of the world’s oil supply, they can manipulate the price per barrel. They do this by controlling the barrels per day that they sell on the market. OPEC decides when they want to increase or decrease production. It is hard to overstate the consequences of the fracking revolution, because the U.S. oil production surge broke OPEC's stranglehold on global oil prices. Every country in the world would likely 2 OPEC & its influence on Price of Oil Introduction Oil is the blood of world economy. Out of top 10 Fortune 500 companies’ list published in July 2010, five are Petroleum companies. Therefore any increase in world oil prices impacts every sector of the economy causing inflation.