Opec Essay

1653 Words Aug 14th, 2014 7 Pages
OPEC and the economics of cartel
Presented by Sanjay Gupta Lakshmi Varma Lakshmi Nair Shibin T Renjith

 What is OPEC?
1. 2. 3.

Oil – A basic necessity OPEC (Information on OPEC) OPEC Side Line Objectives

 Our main premise of this Presentation is to derive

economics concepts from OPEC and the economics of cartel.  We will also cover briefly micro economics concepts – Demand and Supply, market structure & pricing decisions and related concepts. 2. OPEC is an epitome of Oligopoly

Oil – Life Blood of Indian Economy
 OIL - One of the life bloods of our Indian economy is

oil.  The impact of oil in today’s Indian economy has been witness by consumers many times.  We have seen how human spending and
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OPEC VS Non–OPEC Crude Oil Reserve

OPEC - Key Facts
 The OPEC Conference: The Conference generally meets twice a year,

     

in March and September, and in extraordinary sessions whenever required. It operates on the principle of unanimity and one Member, one vote. It is responsible for the formulation of the general policy of the Organization, setting oil price and quotas for each country and the determination of the appropriate ways and means of its implementation. The Heads of Delegation : The Heads of Delegation to OPEC are the official representatives of each Member Country to the OPEC Conference. They are normally the Ministers of Oil, Mines and Energy of Member Countries. Headquarters : Vienna, Austria Official language : English President : Rostam Ghasemi Secretary general : Abdallah el-Badri Currency : USD per barrel For more info : http://www.opec.org

Main Purpose & Objective of OPEC
The Main purpose of OPEC is to coordinate and unify petroleum policies among Member Countries to ensure a steady income to the producing countries, a steady supply of petroleum to the consuming nations as well as a fair return of capital for investors in the petroleum industry itself. Main Objectives are  Stable oil market, with reasonable prices and steady

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