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What is OPEC?

What is OPEC?. SS7G7; SS7G8. What is OPEC?. O __________________ of P ___________________ E ___________________ C ___________________. What is OPEC?. O rganization ________ of P ___________________ E ___________________ C ___________________. What is OPEC?.

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What is OPEC?

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  1. What is OPEC? SS7G7; SS7G8

  2. What is OPEC? • O__________________ of • P___________________ • E___________________ • C___________________

  3. What is OPEC? • Organization________ of • P___________________ • E___________________ • C___________________

  4. What is OPEC? • Organization________ of • Petroleum___________ • E___________________ • C___________________

  5. What is OPEC? • Organization________ of • Petroleum___________ • Exporting___________ • C___________________

  6. What is OPEC? • Organization________ of • Petroleum___________ • Exporting___________ • Countries___________

  7. OPEC.org • OPEC’s Objective:

  8. OPEC.org • OPEC’s Objective: Unify the petroleum policies if its Members and make sure the oil market is stable for producers, suppliers, consumers, and investors.

  9. OPEC.org • List all of the members of OPEC that are located in SW Asia (Middle East) • Iran

  10. OPEC.org • List all of the members of OPEC that are located in SW Asia (Middle East) • Iran • Iraq

  11. OPEC.org • List all of the members of OPEC that are located in SW Asia (Middle East) • Iran • Iraq • Kuwait

  12. OPEC.org • List all of the members of OPEC that are located in SW Asia (Middle East) • Iran • Iraq • Kuwait • Qatar

  13. OPEC.org • List all of the members of OPEC that are located in SW Asia (Middle East) • Iran • Iraq • Kuwait • Qatar • Saudi Arabia

  14. OPEC.org • List all of the members of OPEC that are located in SW Asia (Middle East) • Iran • Iraq • Kuwait • Qatar • Saudi Arabia • United Arab Emirates

  15. OPEC.org • What does this objective really mean?

  16. OPEC.org • What does this objective really mean? They control how much oil is produced and how much it costs.

  17. OPEC.org

  18. OPEC.org • How does OPEC “stabilize” the market price of oil?

  19. OPEC.org • How does OPEC “stabilize” the market price of oil? They increase or decrease production as necessary, which in turn affects prices.

  20. OPEC.org

  21. Price Fixing • Definition: setting prices at a level that producers and distributors can agree on.

  22. Price Fixing *1 gal = 3.7 liters

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