OPEC Ponders Its Public Image

The Organization of the Petroleum Exporting Countries has been debating about how to improve its image among consumers, The Wall Street Journal reports, citing internal reports.

The 12-nation cartel, which controls more than 40% of the world's imported oil, is best known for plunging the world into an energy crisis 42 years ago. Since then it has manipulated oil production to keep petroleum prices high. Critics say arrogance among some of its members has sullied the group's public image.

Lately OPEC has been promoting its efforts to maintain price and supply stability, the Journal notes. But even that is difficult. Iran wants the cartel to maximize revenue, for example, but OPEC's secretary general office prefers to focus on "fair" revenue and market share. The group also worries about "legal limitations" and possible antitrust lawsuits from pursuing profits too aggressively, according to the Journal.

The newspaper cites internal reports suggesting the cartel may attempt to bolster its relations with emerging Asian markets such as China and India. OPEC also is mulling the notion of using social media to promote its image.

The group is expected to announce its long-term strategy in early December.