OPEC
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7 Terms
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what is it
* IGO which exports oil and petroleum
* OPEC producers control 81% of oil revers
* OPEC producers control 81% of oil revers
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what is goal
* ensure stabilisation of oil markets
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what do they want to create?
* efficient regular supply of oil
* steady income for producers
* fair return for investors
* steady income for producers
* fair return for investors
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what happened between 2012-2016
* oil output high to compete against US oil from fracking
* flooding market caused collapse in global oil prices
* effected developing countries
* flooding market caused collapse in global oil prices
* effected developing countries
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Oil Embargo of 1973
OPEC's arab members blocked oil shipments to the US to protest the US's support of Israel
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how is OPEC a player
* controls 78% of oil reserves
* produces 45% of crude oil and 15% natural gas
* produces 45% of crude oil and 15% natural gas
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who hasnt joined OPEC
russia and usa
Note 
Flashcards (148)