"The Organization of the Petroleum Exporting Countries (OPEC), celebrating its 60th anniversary in 2020, is one of the most recognizable acronyms in international politics. The organization has undergone decades of changing importance, from political irrelevance to the spotlight of world...

If we agree that the oil price is a social institution, embedded in socio-economic and political practices, this means that it is not only the outcome of these practices but also a causal factor. Using the case of Russia, this chapter looks at how oil price changes are perceived and made sense...