have to pay more on it. More frightening still‚ this situation may get worse before it come back to normal. No one can exactly predict when the pendulum will soon swing back again since all uncertain factors existing. From the supply side of view‚ the OPEC is the main producer‚ being prepared to add or subtract production to balance demand. Moreover‚ Russia is another major producer of oil in the world. They usually produce more when demand more and subtract when demand reduce to control the price of
Premium Supply and demand
Saudi Arabia. First is the emergence and growth in importance of OPEC countries‚ followed by an increase in production from non-OPEC countries. Second is the commoditization of oil and its effect on oil prices. Lastly is the power and importance of state-run oil companies‚ notably Saudi Arabia’s Aramco. One of the factors that control the price of oil is the artificial amount of oil supply that is managed by OPEC nations. The OPEC cartel is an intergovernmental organization of 12 oil-producing
Premium
Contents Introduction Table .1 OPEC Graph.1 Major Natural gas producers Graph.2 Gas Exporting Countries Forum (GECF) Natural gas Demand & Price Natural gas could be the 100% replacement of crude oil’ Conclusion 1. Introduction
Premium Natural gas
Outline 1. What is oil 2. Petroleum industry 3. Domestic and industrial usage of oil 4. Middle eastern oil 5. OPEC 6. Role of Saudi Arabia‚ Venezuela 7. US consumption of oil - 1/4th of total oil 8. War for oil - Iraq War‚ War on terror 9. Oil as a weapon by Arabs‚ Arab Israeli Conflict‚ Central America 10. Political Greed 11. Pipeline diplomacey Baku-Tiblisi-Ceyhan 12. The politics of oil nationalization 13. New alternatives ethnol
Premium Petroleum Iraq Oil reserves
Plaintiffs - Appellants v. CITGO PETROLEUM CORPORATION; SAUDI ARABIAN OIL COMPANY‚ doing business as Saudi Aramco; Defendants - Appellees. UNITED STATES COURT OF APPEALS FOR THE FIFTH CIRCUIT. 632 F.3d 938 (2011) Facts: Gasoline retailers accused the OPEC member nations of fix pricing of crude oil and refined petroleum products in the US. The appellants argued that the district court mischaracterized their complaint as alleging a conspiracy among sovereign nations to fix prices via production. They
Premium Petroleum Saudi Arabia United States
OIL BOOM The Arab oil boom took place after the 1967 war. The 1973 oil crisis began on October 17‚ 1973‚ when Arab members of the OPEC‚ during the Yom Kippur War‚ announced that they would no longer ship petroleum to nations that had supported Israel. This included the United States and its allies in Western Europe. At around this same time‚ the OPEC members agreed to use their leverage over the world price-setting mechanism for oil in order to quadruple world oil prices. The dependence
Premium Israel 1973 oil crisis Middle East
OLIGOPOLY INTRODUCTION In this topic the oligopoly form of market is studied. You will learn that fewness of firms in a market results in mutual interdependence. The fear of price wars is verified with the help of the kinked demand curve. Collusive forms and non-collusive forms of market are analyzed. The economic effect of the oligopoly form of market is presented. OLIGOPOLY CHARACTERISTICS The oligopoly form of market is characterized by - a few large dominant firms‚ with many small ones‚ - a
Premium Oligopoly Economics Cartel
through credibility. The opposing party’s belief that you have power and will use it makes them take you seriously. It makes them respond to you‚ and the interest you are pursuing. For example‚ the United States wants more oil production from the OPEC nations. The U.S. has power‚ as mentioned before‚ and credibility based on its world power status. OPEC’s response will be based on this credibility along with the U.S.’s capability. What the United States has and can do reestablishes the country’s
Free United States Vietnam War United Kingdom
CHAPTER TWO 2.1 INTRODUCTION The crude oil price and exchange rates are key research subjects‚ and both variables generate considerable impacts on macroeconomic conditions such as economic growth‚ international trade‚ inflation‚ and energy management. The relationships between the two have been studied‚ mainly for guidelines of interaction and causality. In past decades‚ changes in the price of crude oil have been shown to be a key factor in explaining movements of foreign exchange rates‚ particularly
Premium Economics Inflation Monetary policy
Assignment I Identify what you think is the single most important factor—political‚ economic‚ cultural‚ or environmental--in the Middle East prior to 1948 that has influenced today’s world. Explain and discuss this factor and its influences today in the Middle East using detailed and specific examples to support your argument. Without equivocation oil in the Middle East has been the biggest factor to influence today’s world. With the exception of food‚ no commodity is more widely in demand
Premium Middle East Iran Saudi Arabia