OPEC
0.0(0)
Studied by 1 person0.0(0)
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt PlayCard Sorting
1/6
Study Analytics
Name | Mastery | Learn | Test | Matching | Spaced |
|---|
No study sessions yet.
7 Terms
1
New cards
what is it
* IGO which exports oil and petroleum
* OPEC producers control 81% of oil revers
* OPEC producers control 81% of oil revers
2
New cards
what is goal
* ensure stabilisation of oil markets
3
New cards
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
4
New cards
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
5
New cards
Oil Embargo of 1973
OPEC's arab members blocked oil shipments to the US to protest the US's support of Israel
6
New cards
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
7
New cards
who hasnt joined OPEC
russia and usa
Note 
Flashcards (62)