OPEC

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Geography

9th

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7 Terms

1
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what is it
* IGO which exports oil and petroleum
* OPEC producers control 81% of oil revers
2
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what is goal
* ensure stabilisation of oil markets
3
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what do they want to create?
* efficient regular supply of oil
* steady income for producers
* fair return for investors
4
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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
5
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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
6
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how is OPEC a player
* controls 78% of oil reserves
* produces 45% of crude oil and 15% natural gas
7
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who hasnt joined OPEC
russia and usa