OPEC

If you ask someone where they’re from most likely they’re going to be proud of it and possibly even talk up their country like it’s no one’s business. Nigerians have a lot to be proud of being the second biggest super power country in Africa other than their sister country South Africa. Nigeria has the largest population in Africa, and their land is blessed with an abundant amount of natural resources. Natural recourses like petroleum tin ore, and many other minerals. Nigeria is also Africa’s…

Student Name : Sudhagar Validan Student No : 33505 Module Code : PM 101 Module Title : Business Economic Words :1521 Petrol prices are playing a very important role in development of the country’s economy. As the petrol prices are set to rocket, it plays as a decider on the growth of economies; for the importing or exporting nation. Some economists believe that any change in petrol prices will result in major changes within countries. Let see what happens when the petrol prices started…

Economic factors such as the price of oil can greatly impact and affect Gator Town. Depending on the price of oil, the merchandise and product's price being sold at the Gator Store can either increase or decrease. As of February 2017, according to gasbuddy.com, the price of oil in the Lexington community is around $1.89-$2.15. Understanding the price of oil is important because everything including the merchandise and products in Gator Town depends on the price of oil. If the price of oil is…

OPEC produce roughly 40% of the worlds oil, therefore if all the remaining producers were able they would massively increase supply and decrease OPEC market share, with a big enough response the price of oil would approach competitive allocation. OPEC must therefore take into account non-members when setting the price. Salant’s model argues that due to the presence of a competitive fringe the cartel must set the price lower than the monopoly price, reduce output and let the price rise rapidly.…

In 1830, after the collapse of Grand Colombia Venezuela along with Ecuador and Colombia were formed. Venezuela is located on the northern coast of South America. It has an area of 352,144 square miles and is bordered by Guyana to the East, Brazil to the South, Colombia to the West, and the Atlantic Ocean and Caribbean Sea to the north. Venezuela is divided into four major environmental regions the coastal zone, the Andean mountain range, the plains, and the Guiana Highlands. The capital…

In 1979, the Pacific Oil Company began its relationship with the Reliant Corporation, an association of immense consequence for both organizations. Lewicki chronicled this case in Lewicki, Saunders, and Barry (2010, pp. 582-609). Two multinational industrial giants, these companies had much to gain through a contract for the sale of vinyl chloride monomer from the Pacific Oil Company (or simply Pacific) to the Reliant Corporation (or simply Reliant). When representatives from the companies went…

The presence of large companies like Royal/Dutch Shell could not be denied of its advantages and benefits to the society and local community. In economic viewed, Shell do not just provides thousands of job opportunity, but also attracted many of foreign investors to carry out their economic activity (oil production), thus creating an atmosphere of productive local economy. Despite of the excellence of Shell becoming as one of the world’s largest oil producer, there are conflicts and controversy…

Based on the resource curse thesis, there seems to be an inverse relationship between the abundance natural resources and economic growth. Gelb’s (1988) cross-country economic analysis of oil exporting countries (Algeria, Indonesia, Nigeria, Venezuela, Ecuador and Trinidad and Tobago) was one of the early studies on the negative connection between natural resources wealth and economic development. The studies revealed that windfalls from natural resources during the booms periods of 1974 – 1978…

Why Are Gas Prices So High? Gas prices are too high, and some people cannot afford to pay for them. Some of the reasons that they are too high, is because the oil companies that produce the gasoline, are lowering production, leading to higher prices, because there is less of it to go around. Instead of using gas to make cars go, we should use something else that acts almost the same as how the gasoline works for the car. Gas prices may seem lower than they have at a different time, but are…

Olive Oil Production as Economic Activity In terms of its sheer impact on society, olive oil was the petroleum of the ancient world. The fruit of the olive tree and its oil provided food, medicine, and lubrication. The production of olive oil was a capital-intensive effort that required long-term planning. In Olive Production and the Roman Economy: The Case for Intensive Growth Empire, Robert Bruce Hitchner argues that the rapid growth of olive production and export suggests that rational…