THE INFLUENCE OF ECONOMIC AND POLITICAL GLOBALIZATION ASPECTS ON OPEC MEMBER COUNTRIES’ EXPORT OPERATIONS

Abstract

Modern resource markets are globalized, which gives significant advantages to countries that own these resources. The proceeds from the sale of resources to global markets can serve as a financial phase for the implementation of important government development programs for a country. The paper examines the influence of the economic and political aspects of globalization on the export operations of the OPEC and OPEC+ member countries. A statistical study of the dependence of export volume dynamics on the KOF Globalization Index and its components was carried out, which made it possible to quantitatively assess the impact of political and economic globalization on OPEC countries’ exports by developing a mathematical model that would describe the relationship of these indicators. The OPEC and OPEC+ countries were grouped depending on those components of the globalization indicator that affect export volumes, that is, according to the level of countries’ involvement in globalization.