OIL. Facts & Figures about OPEC. $98.63/Barrel 04/04/08. ACW The Middle East: Oil Unit 2007-08. Organization of Petroleum Exporting Countries . HE Abdalla Salem El-Badri Secretary General (Libya) . OPEC.
Facts & Figures about OPEC
ACW The Middle East: Oil Unit 2007-08
HE Abdalla Salem El-Badri Secretary General (Libya)
Organization of Petroleum Exporting Countries
An organization consisting of the world's major oil-exporting nations, OPEC was founded in 1960 to coordinate the petroleum policies of its members and to provide member states with technical and economic aid.
OPEC is a cartel that aims to manage the supply of oil in an effort to set the price of oil on the world market, in order to avoid fluctuations that might affect the economies of both producing and purchasing countries.
OPEC member nations currently supply about 40% of the world's crude oil and 16% of its natural gas. At the end of 2003, OPEC nations possessed about 78% of the world's total proven crude oil reserves.
Naturally-occurring substance found in certain rock formations in the earth.
Dark, sticky liquid
Compound containing carbon and hydrogen, with or without non-metallic elements such as oxygen and sulfur.
Highly Flammable--burning creates energy.
Crude oil is measured in barrels.
U.S. 19th C, stored in wooden barrels.
One barrel = 42 US gallons, or 159 liters.
Crude Oil also measured in tons.
The number of barrels contained in each ton vary depending on the type and specific gravity of each crude.
However the average number considered would be around 7.33 barrels per each ton.
World’s proven crude oil reserves estimated at > 1,000,000,000,000 barrels
11 OPEC Member Countries hold > 78 %.
OPEC's Members in 2005 produced around 30.7 million barrels per day of crude oil, or 42.7 per cent of the world total output, which stood at about 71.8 million barrels per day.
Gas (LPG), kerosene, gasoline, oil and fuel oil.
Refining crude oil produces:
asphalt perfumes plastics synthetic fibers synthetic rubbers detergents chemical fertilizers
>4,000 different petrochemical products.
How much crude oil does the U.S. produce and how much crude oil does it import?The U.S. produces 5.75 million barrels per day and imports 9.14 million barrels per day
What country supplies the most crude oil to the U.S.?Saudi Arabia. This OPEC member supplied 1.52 million barrels per day to the U.S.
What percentage of U.S. oil consumption does transportation account for?About 70%.
PRODUCTION oil does it import?
OPEC Annual Meeting Notes oil does it import?
The following graphs/charts were presented at this year’s Annual OPEC Conference
Please respond oil does it import?thoroughly & thoughtfully to the following: Make several points for each item…
What initially led to the rise of OPEC, and what factors limited its power in the beginning? EXPLAIN
Describe the key factors leading to each of the three OIL spikes/shocks. EXPLAIN
How might the U.S. respond most effectively toward OPEC to ensure a free flow of oil at fair prices, and what other options should be addressed/considered? EXPLAIN