large and fast depleting industry. The main market oil producing countries and organizations such as Opec and Opec+‚ and a few other non-Opec countries indicate that their current production rates (reserves) are slowly being eaten up. This is shown by (graph 1) The structure of the world oil market is set to be oligopolistic as the oil market is dominated buy few suppliers‚ such as Opec and Opec + and the North Sea. For a industry to be classified as an oligopolistic industry it has to have a few
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concentrated within the 12 OPEC countries. (Organisation of the Petroleum Exporting Countries). These countries hold a vast amount of the world’s oil and gas reserves with 81% of proven oil reserves and 49% of proven gas reserves. The aim of the organisation is to unify petroleum policies so that there is a steady supply of energy to consumers‚ and a steady income for themselves- the producer. OPEC sets production targets for its member nations and generally‚ when OPEC production targets are reduced
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Current economic development of oil exporting countries. (by the example of Saudi Arabia) Introduction 3 OPEC and oil prices. 4 History 4 Common development problems of OPEC member countries 6 Saudi Arabia 8 History 8 Economic development 9 Main goals 9 Role of the government 10 New industry sectors 10 Private sector 11 Foreign labor 11 Social and politic structure 12 Conclusion 14 Literature 15 Introduction. The subject of this research is the economy and society of the oil-exporting
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References: Forgang‚ W. G.‚ & Einolf‚ K. W. (2006). Management Economics: An Accelerated Approach. M.E. Sharpe . Iran: OPEC May Need Further Output Cuts. (2008). World News Connection. Retrieved November 8‚ 2008‚ from EBSCOhost database. Kaplan‚ J. (1999). Unit 11 – Monopolistic Competition and Oligopoly. Retrieved November 8‚ 2008‚ from http://spot.colorado.edu/~kaplan/econ2010/section11/section11-main
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crude oil. A. The price of crude oil is mainly influenced by OPEC‚ (Organization of the Petroleum Exporting Countries)‚ which controls about half of the worlds oil supply. B. According to a study made in 2012 by EIA (U.S Energy Information Administration)‚ there are three ways OPEC can affect the prices of crude oil: 1. Cuts in OPEC production targets‚ which increase the price of crude oil. So when OPEC turns the tap down‚ the prices
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(at around 8 per cent from around 7 per cent a couple of years ago) is creating inequities between supply and demand Controlled production by OPEC The cartel of the world’s largest oil exporters called the Organisation of Petroleum Exporting Countries‚ accounts for two-thirds of the world’s oil reserves but only 40 per cent of world production. OPEC does not want the market to be oversupplied as it would bring down
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The Role of Risk management in the managing price Volatility in the Global oil and Gas Market Energy is a basic requirement for all human activity. A main characteristic of every culture and society throughout history has been the way in which it has used the energy resource at its disposal‚ and the per capital consumption of energy is the common measurement of its level of development. The oil and gas market are the driving force of the global economy and accounts for an ample of the world’s
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will be more or less offset. And when the company is not looking for big investments at present‚ the best use of cash would be for debt reduction. Oil Industry Outlook and Effect on Transocean: The OPEC is done with its meeting at Vienna. And the outcome of the meeting is not in favour of oil prices. The OPEC has raised the ceiling of its output to 31.5 million barrels per day (bpd) while it was expected by many to only maintain its ceiling at 30 million bpd‚ despite pressure from poorer members of the
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with more variation taken place during shortage and excess supply. Studies have conducted to analyze the impact of rise in crude oil price to the economic growth in the OPEC (Organization of Petroleum Exporting Countries) countries. It has been observed that $10 in the crude oil price means decrease in the economic growth of the OPEC countries by 0.5%. This rise in prices account to have more influence on the economic condition of developing countries. Any massive increase or decrease in crude oil
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chemicals‚ textiles‚ gems & jeweller y and agricultural products contributed more than 89 per cent of India’s exports during 2011-12. While the share of European Union in India’s total merchandise exports declined marginally during 2011-12‚ the same of OPEC countries declined by more than two percentage points. Highlights During Q1 of 2012-13‚ exports stood at US$ 75.2 billion and showed a decline of 1.7 per cent as against an increase of 36.4 per cent during Q1 of 2011-12. Significant deceleration
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