What Are The Properties Of Crude Oil.
Average OPEC Crude Oil Price From 1960 - 2013
Q1. Why is OPEC considering cutting the production of crude oil further? Use a diagram to explain.
Q2. Why do analysis say that reducing the production of crude oil is not going to increase the price of crude oil?
Q3. What has happened to crude oil prices in the last couple of months? What predictions are economics making for the oil industry for the next couple of yers?
Q4. Share with the class a very brief history of OPEC and its objectives.
Crude oil is a liquid found naturally in rock, containing mostly complex hydrocarbons, with some additional organic material. It is the major fuel used on the planet, and is used in the production of many synthetic materials like plastics as well. Crude Oil can come in many different weights and colors, and can differ greatly in its composition. As little as half of the composition of heavy oils can be made up of hydrocarbons, while the lightest oils can be up to 97% hydrocarbons. There are four main hydrocarbons found in crude oil, in varying amounts depending on the oil. The color can range from pure black or dark brown to greenish or yellowish, depending on the composition.
A great deal of crude oil comes from the Middle East.
What Are the Properties of Crude Oil?
When the word "oil" is used without particular context, it must be understood to refer to the product resulting from the refinement of crude oil — for example, motor oil, or engine oil. The properties of oil make it uniquely irreplaceable as a lubricant for vehicular and other machinery use. The two most important properties of oil are that it promotes freedom of movement of non-stationary