OPEC

Canada became a net oil exporter in the early 1980s and has since grown to become the world’s fifth largest producer of crude oil (US Energy Information Adminstration 2015). In 1981 Canada’s net trade surplus in energy goods relative to its GDP sat at around 0.6 percent and by 2000 it had increased to 3.3 per cent (Stuber 2001). Canada produces about 4.4 per cent of the world’s oil; owns close to 10 percent of the world’s oil reserves and consumes roughly 2.5 per cent of the world’s oil (KPMG-SECOR

Policy Brief The future appears in dark after Trump’s presidency. With numerous allegations with the president’s election, periodic recessions, and a massive drop in soft power at global stage, the world could be encountering an unstable multipolar international system. With the recent catastrophic drainage of fossil fuel, the world desires a new source to fuel their countries, as oil has been the backbone of economy for many years for nations. This policy brief contains a recommendation to establish

demand for something exceeds the supply. This causes the price of that particular item to go up which in turn causes wages to go up and operating costs also increase (inflation). Over the past two years, oil prices have increased very rapidly. “With OPEC production cuts and a growth in crude oil demand,” oil prices went from a 25-year low of $11 per barrel in February 1999 to a peak of close to $36 per barrel in December 2003 (Jablon 1). “Some analyst, however, said the cut could soon push crude prices

free-world production (Williams, 1999). The oil embargo was imposed by Arab oil producers through the then-powerful cartel, the Organization of Petroleum Exporting Countries (OPEC)(Miller, 1998). OPEC was founded in 1960 with five members: Iraq, Kuwait, Saudi Arabia, and Venezuela. Six other nations had joined OPEC by the end of 1971. These included Qatar, Indonesia, United Arab Emirates, Algeria, and Nigeria. This cartel had experienced a decline in the real value of their product since the

requirements for extraction and lower costs. OPEC Member Venezuela is the fifth larger member of the Organization of the Petroleum Exporting Countries (OPEC) by oil production. In early 2016, OPEC countries were increasing their oil output, and Venezuela was producing only 2.15 million barrels of crude oil per day, which was their weakest pace since 2012. Venezuela’s financial situation has caused a shrink on oil production, and a severe food shortage. Among OPEC member nations, Saudi Arabia completely

From the middle of twentieth century, due to exceptional importance of the crude oil in the supply of the world's energy demands, it has become one of the major indicators of economic activities of the world. Even after the appearance of alternate forms of energy like solar power, water and wind, the importance of crude oil as the main source of energy still cannot be denied. This sharp increase in the world oil prices and the volatile exchange rates are generally regarded as the factors of discouraging

Since summer 2014, the price of oil in the global market has drastically fallen. As measure by the U.S dollar, oil price has declined by around 50 percent from last year. The declining oil price is widely deemed as the effects of the increasing oil supply and decreasing demand in the global market among other factors. Future pricing predictions indicate that the price of oil will hardly be restored the level it was in recent years. The focus of this paper is to describe how the basic supply and demand

The Politics of Oil The world as we know it is heavily dependent on oil as our primary energy source, even though we are in constant search of alternatives. After nearly 100 years of searching for something different, oil remains the most reliable. Oil is used for everything from technology to transportation to food and business, yet it is not in a never-ending supply. This is where the politics come into play. According to the International Energy Agency, oil comprises 31% of the total

Overall, Nordhaus and Boyer (1999), updated in Nordhaus (2006), put discounted cost of current co2 emissions, over expected 100-year atmospheric life, at about $20 per ton of carbon in 2005. However, there is build up effect in the long with increase in affected world output, improved mitigation technology and as additional damages from warming rise with temperature level; the projected cost per ton of carbon increases to $84 by 2050, and $270 by 2100. Most assessments are in the same line, example

This unitary Islamic absolute monarchy “possesses 18 per cent of the world’s proven petroleum reserves and ranks as the largest exporter of petroleum” (OPEC, 2015), also is a member of the Organization of Petroleum Exporting Countries. The oil production is responsible for about 50% of the Gross Domestic Product, and about 85% of export earnings (OPEC). Although it is the world’s greatest exporter, its GDP per capita is only $24,454. Saudi Arabia ranks weakly on the Human Development Index as number