OPEC and Non-OPEC
The first variable is that Opec system has an organized team to sell oil to those who needed. Joining to the Opec country is more beneficial to the non-Opec country. The OPEC countries show a huge number of producers since the beginning of 1930, since the United States is the original one who starts to produce oil. Saudi Arabia became the primary producer of oil since they discovered. Saudi Arabia now is number one producer oil since back in 1960 until today, United States one of the biggest supporters to Saudi Arabia to get more to produce oil to the world. United states controls the oil price through Saudi Arabia in addition USA help saudi Arabia to stay number one and produce more oil to help the country. However, Russia became the highest and fastest producer since the past year. Russia starts to put their country together and builds a strong economy that could be rivalry with the first world economy. OPEC has been created by a few counties can in 1979, then more countries joined later 1980. OPEC took this in their advantage and uses it to sell their product to the world with a cheap profit, which cost more sales. In my analysis, it shows Saudi Arabia and Russia is the biggest producer with 10M barrels per day, one of them from the OPEC …show more content…
Every year change in oil prices, according to the global economy and the ability to demand and consumption. Saudi Arabia has always been frontrunners in oil production, but Russia takes the lead in 2013 and increases prices more and more to the development of the country. When Russia started to dominate the global oil market. For all countries of the world led to a large number of sales when the neighboring countries of Russia, including China and India, one of the largest consumers of oil, which boosted the value of my barrel, especially for the nearby geographical distance. OPEC slashed prices by half in order to be forced Russia to reduce
The first variable is that Opec system has an organized team to sell oil to those who needed. Joining to the Opec country is more beneficial to the non-Opec country. The OPEC countries show a huge number of producers since the beginning of 1930, since the United States is the original one who starts to produce oil. Saudi Arabia became the primary producer of oil since they discovered. Saudi Arabia now is number one producer oil since back in 1960 until today, United States one of the biggest supporters to Saudi Arabia to get more to produce oil to the world. United states controls the oil price through Saudi Arabia in addition USA help saudi Arabia to stay number one and produce more oil to help the country. However, Russia became the highest and fastest producer since the past year. Russia starts to put their country together and builds a strong economy that could be rivalry with the first world economy. OPEC has been created by a few counties can in 1979, then more countries joined later 1980. OPEC took this in their advantage and uses it to sell their product to the world with a cheap profit, which cost more sales. In my analysis, it shows Saudi Arabia and Russia is the biggest producer with 10M barrels per day, one of them from the OPEC …show more content…
Every year change in oil prices, according to the global economy and the ability to demand and consumption. Saudi Arabia has always been frontrunners in oil production, but Russia takes the lead in 2013 and increases prices more and more to the development of the country. When Russia started to dominate the global oil market. For all countries of the world led to a large number of sales when the neighboring countries of Russia, including China and India, one of the largest consumers of oil, which boosted the value of my barrel, especially for the nearby geographical distance. OPEC slashed prices by half in order to be forced Russia to reduce