OPEC

Throughout its long history, Russia has been trapped in a continuous cycle of authoritarian regimes; only interrupted by brief periods of tumultuous democratic transitions, that were often plagued by the inability of the democratic system itself to function and ineptitude by the leaders who were in power. Therefore, by and by, Russia always turned towards authoritarianism. However, when the Soviet Union fell, it seemed as though the cycle would be broken, however once again, through exploitation…

“The United States, once the world’s largest producer and still its largest consumer, must import half of its oil supply, weakening its overall strategic position and adding greatly to an already burdensome trade deficit – a precarious position for a great power” (Yergin 14). So said Daniel Yergin in the prologue of his 1990 bestseller The Prize: The Epic Quest for Oil, Money, and Power. Today, oil retains its importance in the hydrocarbon societies of developed and developing countries as a…

Oil plays an important economic and social role in Venezuela. The country earns $15 to $20 billion per year in oil revenues, constituting between 75 and 80 percent of Venezuela's total exports. Taxes, royalties and dividends from PDVSA represent roughly 50 percent of all government revenues. Oil activity directly and indirectly generates around 40 percent of national economic activity. (Giusti) The oil impacts on Venezuelas economy can be broken down into three concentric circles. The first…

THE END OF OIL The featured article “The End of Oil,” the author, Alex Kuhlman shows his opinion on the relationship between oil supply and demand. He claims that the speed of oil consumption has been becoming more and faster than we discover new oil since 1981 and the gap between them has been continuing to widen (Kuhlman, 2007). Kunlman (2007) gave evidence both from oil demand and supply aspects to illustrated the imbalance which would cause a big trouble. The consumption of oil in the…

Oil prices have constantly changed with over time. Many advances in how we can get clean oil or have items that use less oil have helped with oil prices going down. People have made claims that Saudi Arabia is trying to cripple American fracking (Moran, 2014). Americans have been buying oil from Saudi Arabia for a long time. This need Americans have for other countries oil could end with the United States using its fracking method. Fracking is defined as the process of drilling down into the…

The OPEC cartels colludes in order to exercise power over both oil production and prices, therefore this affect both the link between oil prices and scarcity, and an investors decision as to whether they should open a well in the North Seas. OPEC is refusing to cut production despite calls by members such as Venezuela to reduce output, this is largely due to Despite having over 80% of the worlds reserves OPEC only accounts for roughly 33% of the worlds supplies, this means that if OPEC were to…

Hengyuan Refining Company Berhad (HRC) Hengyuan Refining Company Berhad (HRC) is operated in refining, manufacturing, and sell petroleum products in Malaysia. HRC was formerly known as Shell Refining Company Berhad and changed its name into Hengyuan Refining Company Berhad in March 2017, and it is also a subsidiary of Malaysia Hengyuan International Limited. The company was established in 1960 and is based on Port Dickson, Malaysia. HRC began their operations in 1963 with a single crude…

The fall of crude oil prices in 2014 has left oil exporting countries in a scramble to develop effective economic policy to minimize the effect of the crisis. The decision of the Nigerian government to peg the naira after the fall of oil prices in 2014 was heavily influenced by past Nigerian attitudes toward the IMF, and while the peg did help to keep inflation at a lower level than other oil exporting countries, the strict control of the naira failed to address the deeper structural issue of…

1. Title of the Lesson: The Oil Boom in Oklahoma 2. Instructional Unit: Oklahoma After World War II 3. Target Audience (Course & Grade Level): Oklahoma History/ 9th Grade 4. Time Requirement/Duration of lesson: 2 Class days/ 60-minute class times. 5. Introduction or Rationale (Significance) of the lesson: During the lesson students will be introduced to the economic impact of fossil fuels, the development of Tulsa as the “Oil Capital of the World”, oil reserves (Anadarko Basin), and how…

In 1956, M. King Hubbert, a geologist, created a theory that world oil production is following bell-shaped curve of rise – peak – and decline. After the maximum rate of petroleum oil is being extracted, it will reach a certain point of oil will reach peak and then slowly start to decline regardless of the demand. Hubbert said that by the year 1970 the world would reach this peak point which is started with companies extract the easy oil first and after that drawing oil will become harder and…