Opec the economics of a cartel
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OPEC was established in 1960 with the principal aim of coordinating petroleum policies and protecting the interests of member countries. It currently accounts for 40% of global crude oil production and 55% of internationally traded oil. Throughout its history, OPEC has shifted from having no major role in price setting before 1970 to gaining control of prices in the 1970s. It has faced challenges maintaining quotas and market share while balancing supply and demand fluctuations to keep oil prices stable.
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Application of Game Theory - OPEC Dynamics
The document discusses OPEC's role in the global oil market structure. It analyzes factors affecting OPEC's pricing model, including that OPEC's influence depends on whether global oil demand is rising or falling. It also notes the shift to futures markets has complicated OPEC decision making by introducing many new players. Game theory models are presented analyzing scenarios like Saudi Arabia and other OPEC members cooperating or cheating on production quotas. The models suggest OPEC may lower oil prices to discourage investment in renewable energy sources.
Organization of the Petroleum Exporting Countries - OPEC - International Busi...
OPEC (Organization of the Petroleum Exporting Countries) is an oil cartel whose mission is to coordinate the policies of the oil-producing countries. The goal is to secure a steady income to the member states and to secure supply of oil to the consumers.
Oil Prices and OPEC
OPEC aims to stabilize oil prices and control production, but it has limited impact and prices remain volatile. While OPEC cuts have accelerated the market rebalancing, US shale growth poses a challenge and could offset OPEC's efforts. The future of prices depends on how quickly global inventories decline versus the reactivation of US supply in response to higher prices. OPEC has little ability to determine long-term prices and is more of a price-taker reacting to outside market forces.
OPEC
OPEC acts as a cartel by controlling the global supply of oil in order to influence prices. As a cartel, OPEC sets production quotas for its members with the goal of maintaining high oil prices. However, the incentive for individual members to cheat on quotas and increase production for higher profits challenges the stability of the cartel. While OPEC was able to significantly impact oil prices in the short-run when demand and supply are inelastic, the cartel has struggled to maintain high prices in the long-run as demand and supply of oil become more elastic. The rise of non-OPEC oil producers has also eroded OPEC's ability to single-handedly control global oil supply and
Opec a case study
OPEC acts as a cartel by setting production quotas for its members and manipulating the global supply of oil. As the majority of the world's oil reserves and production are controlled by OPEC, it aims to maximize profits by reducing supply to increase prices in the short run. However, in the long run demand and supply become more elastic, limiting OPEC's ability to influence prices. While OPEC still impacts oil prices, its power has declined as non-OPEC producers have increased their market share.
Opec - Organization of Petroleum Exporting Countries.
The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, was established in Baghdad.
OPEC comprised 12 members: Algeria, Angola, Ecuador, Iran, Iraq Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates Venezuela.
Petrodollar is a United State dollar earned by the country through the sale of petroleum.
Shale oil is an unconventional oil produced from oil shale rock fragments by pyrolysis, hydrogenation, or thermal dissolution. These processes convert the organic matter within the rock into synthetic oil & gas.
OPEC Share of World Crude Oil Reserves - According to current estimates, more than 81% of the world's proven oil reserves are located in OPEC Member Countries, with the bulk of OPEC oil reserves in the Middle East, amounting to 66% of the OPEC total.
80% of the world's oil reserves are located in just 13 countries which make up OPEC (the Organization of the Petroleum Exporting Countries). Algeria, Venezuela, Saudi Arabia, Iran, Iraq, Kuwait, Angola, Indonesia, Ecuador, Libya, Nigeria, Qatar, and the United Arab Emirates.
OPEC ( microeconomics )
The Organization of the Petroleum Exporting Countries (OPEC) was formed in 1960 by five oil producing countries and is an intergovernmental organization comprised of 12 oil exporting developing nations. OPEC aims to coordinate and unify its members' petroleum policies, ensure stable oil prices, and ensure a fair return on investment for the petroleum industry. The price of oil is determined by factors like supply, demand, production costs, the value of the U.S. dollar, and speculation in oil markets.
OPEC (Organization of Petroleum Exporting Countries )
OPEC is an intergovernmental organization of 12 oil-producing countries that coordinates and unifies the petroleum policies of its member countries. It seeks to ensure stable oil prices and a steady supply of oil to consumers. Some of its key objectives are stabilizing oil prices to eliminate harmful fluctuations, overseeing an efficient supply of oil, and ensuring a fair return for investors in the petroleum industry. The organization influences global oil prices and works to balance supply and demand in international markets.
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Application of Game Theory - OPEC Dynamics
The document discusses OPEC's role in the global oil market structure. It analyzes factors affecting OPEC's pricing model, including that OPEC's influence depends on whether global oil demand is rising or falling. It also notes the shift to futures markets has complicated OPEC decision making by introducing many new players. Game theory models are presented analyzing scenarios like Saudi Arabia and other OPEC members cooperating or cheating on production quotas. The models suggest OPEC may lower oil prices to discourage investment in renewable energy sources.
Organization of the Petroleum Exporting Countries - OPEC - International Busi...
OPEC (Organization of the Petroleum Exporting Countries) is an oil cartel whose mission is to coordinate the policies of the oil-producing countries. The goal is to secure a steady income to the member states and to secure supply of oil to the consumers.
Oil Prices and OPEC
OPEC aims to stabilize oil prices and control production, but it has limited impact and prices remain volatile. While OPEC cuts have accelerated the market rebalancing, US shale growth poses a challenge and could offset OPEC's efforts. The future of prices depends on how quickly global inventories decline versus the reactivation of US supply in response to higher prices. OPEC has little ability to determine long-term prices and is more of a price-taker reacting to outside market forces.
OPEC
OPEC acts as a cartel by controlling the global supply of oil in order to influence prices. As a cartel, OPEC sets production quotas for its members with the goal of maintaining high oil prices. However, the incentive for individual members to cheat on quotas and increase production for higher profits challenges the stability of the cartel. While OPEC was able to significantly impact oil prices in the short-run when demand and supply are inelastic, the cartel has struggled to maintain high prices in the long-run as demand and supply of oil become more elastic. The rise of non-OPEC oil producers has also eroded OPEC's ability to single-handedly control global oil supply and
Opec a case study
OPEC acts as a cartel by setting production quotas for its members and manipulating the global supply of oil. As the majority of the world's oil reserves and production are controlled by OPEC, it aims to maximize profits by reducing supply to increase prices in the short run. However, in the long run demand and supply become more elastic, limiting OPEC's ability to influence prices. While OPEC still impacts oil prices, its power has declined as non-OPEC producers have increased their market share.
Opec - Organization of Petroleum Exporting Countries.
The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, was established in Baghdad.
OPEC comprised 12 members: Algeria, Angola, Ecuador, Iran, Iraq Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates Venezuela.
Petrodollar is a United State dollar earned by the country through the sale of petroleum.
Shale oil is an unconventional oil produced from oil shale rock fragments by pyrolysis, hydrogenation, or thermal dissolution. These processes convert the organic matter within the rock into synthetic oil & gas.
OPEC Share of World Crude Oil Reserves - According to current estimates, more than 81% of the world's proven oil reserves are located in OPEC Member Countries, with the bulk of OPEC oil reserves in the Middle East, amounting to 66% of the OPEC total.
80% of the world's oil reserves are located in just 13 countries which make up OPEC (the Organization of the Petroleum Exporting Countries). Algeria, Venezuela, Saudi Arabia, Iran, Iraq, Kuwait, Angola, Indonesia, Ecuador, Libya, Nigeria, Qatar, and the United Arab Emirates.
OPEC ( microeconomics )
The Organization of the Petroleum Exporting Countries (OPEC) was formed in 1960 by five oil producing countries and is an intergovernmental organization comprised of 12 oil exporting developing nations. OPEC aims to coordinate and unify its members' petroleum policies, ensure stable oil prices, and ensure a fair return on investment for the petroleum industry. The price of oil is determined by factors like supply, demand, production costs, the value of the U.S. dollar, and speculation in oil markets.
OPEC (Organization of Petroleum Exporting Countries )
OPEC is an intergovernmental organization of 12 oil-producing countries that coordinates and unifies the petroleum policies of its member countries. It seeks to ensure stable oil prices and a steady supply of oil to consumers. Some of its key objectives are stabilizing oil prices to eliminate harmful fluctuations, overseeing an efficient supply of oil, and ensuring a fair return for investors in the petroleum industry. The organization influences global oil prices and works to balance supply and demand in international markets.
ABOUT OPEC
This power point presentation is all about opec, the cartel which controls the price of crude oils export
Grp 9 gama opec
OPEC is an oligopoly of 12 countries that controls a majority of the world's oil supply. As an oligopoly, OPEC sets production quotas to influence oil prices and maximize profits for its members. However, individual members are incentivized to cheat on quotas and produce more to earn higher profits, threatening the stability of the cartel. While OPEC was historically effective at manipulating prices in the short run, demand has become more elastic over the long run and increased non-OPEC production has reduced OPEC's dominance of the oil market.
The new shale order: OPEC fades, shale booms, China rise
Structural changes are reshaping the global oil market. OPEC is losing influence as shale production booms and its members' interests diverge. A new oil axis centered in North America driven by private enterprise is emerging to counter Middle Eastern production. Meanwhile, China's growing oil demand is shifting trade routes east and challenging the dollar's dominance in oil markets. These changes will have long-lasting effects on global oil supply and geopolitics.
Opec
The contents of this presentation include;
OPEC
HEADQUARTERS, FLAG, AND CURRENT
SECRETARY
ESTABLISHMENT
WHY OPEC WAS ESTABLISHED
MEMBERSHIPS
SAUDI ARABIA
NIGERIA
VENEZUELA
MISSION
HISTORY
1973 OIL EMBARGO
ROLE OF OPEC
INFLUENCE OF OPEC ON GLOBAL OIL MARKET
Opec Organization of Petroleum Exporting Countries
Organization of Petroleum Exporting Countries
Any country with substantial exports and same petroleum interests are eligible to join
Final opec
OPEC is an organization formed in 1960 by 12 oil producing countries to unify their petroleum policies and coordinate production. Before OPEC, oil prices were controlled by major oil companies. OPEC took control of prices in the 1970s and was able to influence the global oil market as a cartel by restricting production to raise prices. As a cartel, OPEC aimed to allocate production quotas to stabilize prices. However, internal disagreements and increased non-OPEC production have weakened OPEC's influence in recent decades. The future of OPEC as an effective cartel remains uncertain.
OPEC slideshare (2020)
OPEC was established in 1960 in Baghdad by 5 founding members: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. It is headquartered in Vienna and coordinates policies among its 13 member countries, who collectively possess over 70% of global crude oil reserves. OPEC aims to ensure stable oil supplies and prices to both producing and consuming countries. In recent years, price wars between Russia and Saudi Arabia have led to sharp drops in crude prices, greatly impacting oil-exporting countries and global energy markets. The COVID-19 pandemic has further disrupted supply and demand, threatening the oil industry. OPEC and its members must now realign strategies to navigate these challenges and changing energy landscapes over the long
Iff3 1 belousovachuharevasinelnikova-opec
OPEC is an intergovernmental organization comprised of 12 oil-producing countries that seeks to coordinate petroleum policies and ensure a stable oil market. It was formed in 1960 to administer common petroleum policies and stabilize oil prices. While OPEC aims to provide a steady oil supply, political disputes among members and instability in some countries present obstacles. OPEC's advantages include economic benefits through supply and price control, but disadvantages involve political challenges from internal disagreements and dependence on other regions.
Opec ppt
This document discusses OPEC (Organization of the Petroleum Exporting Countries), an intergovernmental organization of 14 oil producing nations. It notes that OPEC controls nearly 80% of the world's oil reserves and 44% of daily oil production, giving it power to influence global oil prices. The document also summarizes OPEC's goals of maintaining stable oil markets with reasonable prices and steady supplies for consumers, while allowing member nations a fair profit. Finally, it provides context on India's growing oil consumption from 2007-2018.
OPEC (Organization of Petroleum Exporting Countries)
The Organization of Petroleum Exporting Countries (OPEC) was established in 1960 by five founding members - Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. It is an intergovernmental organization that coordinates and unifies oil policies among its members, with goals of stabilizing oil markets and ensuring a steady supply of oil to consumers. OPEC played a key role in the 1973 oil embargo and continues to influence global oil prices and production levels through agreements among its members, which now include 12 countries in total. Saudi Arabia is OPEC's largest producer and has significant spare capacity to influence markets.
OPEC August 2016
The OPEC Reference Basket averaged $42.68/b in July, representing the first decline in five months. Lower-than-expected demand, high refined product stocks, and rising crude supply were the factors behind the $3.16 drop. ICE Brent ended down $3.39 at $46.53/b, while Nymex WTI fell $4.05 to $44.80/b. Speculators cut long positions further this month in all markets. The ICE Brent-WTI spread widened to $1.75/b in Brent’s favour during July.
Opec to affect future
This document discusses the Organization of the Petroleum Exporting Countries (OPEC), which coordinates oil production policies for 12 member countries that collectively produce around 40% of the world's crude oil. OPEC aims to stabilize oil prices through setting production quotas. It has faced criticism as its share of global oil production has declined from dominance in the 1980s due to growth in non-OPEC suppliers like Canada and Russia. While OPEC still exerts influence over prices by adjusting quotas, its ability to control the market unilaterally has diminished over time as demand has increasingly been met by non-member countries.
Opec full report
OPEC is an intergovernmental organization comprised of 11 developing countries whose economies are heavily reliant on oil revenues. Within OPEC, Saudi Arabia has often played a dominant role in climate negotiations due to its large oil production and close ties to the oil industry. However, OPEC is a heterogeneous group with differing interests. While OPEC brings negotiating experience and resources to the G77, Saudi Arabia in particular has opposed emissions reductions and disrupted negotiations by linking issues in a way that frustrates other G77 countries. This report analyzes OPEC's role within the G77 in UNFCCC negotiations and its implications for other developing nations.
OPEC
OPEC is an intergovernmental organization formed in 1960 by 12 oil producing countries. It is headquartered in Vienna, Austria and aims to coordinate oil policies among member countries to stabilize oil prices in international markets. Current members include Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela. OPEC influences global oil prices through setting individual production quotas for members that collectively determine supply in international markets. Fluctuations in OPEC's quotas and international oil prices have significant economic impacts on both producing and consuming countries like India.
The opec as international cartel
The document summarizes the history and operations of OPEC, the Organization of the Petroleum Exporting Countries. It describes how OPEC was founded in 1960 by five countries and moved its headquarters to Vienna in 1965. It discusses how OPEC acts similarly to a monopolist by restricting oil production to influence prices, though it only controls around 30% of global oil supply. The document also briefly outlines some major events like the 1973 oil crisis and 1990 Gulf War that impacted oil markets.
Copy of OPEC-oil-prices[2]
The document discusses OPEC's role as a monopoly in the global oil market and how it can influence prices. It outlines factors like increased winter demand, supply disruptions, and OPEC's decision to increase production by 800,000 barrels per day to lower prices. However, this small increase is unlikely to significantly impact prices given total world consumption growth. The US oil industry has consolidated since the 1970s, making companies larger and better able to compete with OPEC. Alternative energy sources may eventually replace oil but have not been fully developed yet.
OPEC and it's policy
OPEC was formed in 1960 and currently has 11 member countries that produce around 40% of the world's crude oil. The main objectives of OPEC are to stabilize oil prices in international markets and secure steady income for member nations. A key issue discussed is the recent drop in crude oil prices due to increased US production, as OPEC members have decided not to cut their own production in response. The document examines OPEC members' production shares and export patterns, as well as common transportation routes for crude oil supply.
Opec
The Organization of Petroleum Exporting Countries (OPEC) is an intergovernmental organization consisting of 12 oil producing countries. It was founded in 1960 in Baghdad by 5 countries and aims to coordinate and unify petroleum policies among member countries. Key objectives include stabilizing oil prices and ensuring a steady supply of oil to consuming countries. OPEC faces challenges in enforcing production quotas and preventing price cheating among its members.
Opec
The Organization of Petroleum Exporting Countries (OPEC) was created in 1960 at a conference in Baghdad by five oil producing countries: Iraq, Saudi Arabia, Venezuela, Iran, and Kuwait. OPEC's mission is to coordinate policies among oil producing countries to secure a steady income for its members and a stable supply of oil to consumers. It established its headquarters in Vienna, Austria in 1965. In the 1970s, OPEC gained influence and raised oil prices during the 1973 oil crisis in response to the U.S. aid to Israel. It has since grown to include 12 member countries working to balance oil supply and demand globally.
Opec
OPEC is a permanent intergovernmental organization consisting of 12 oil producing countries located in Africa, Asia, and South America. It was founded in 1960 in Baghdad, Iraq by 5 countries and seeks to coordinate oil policies and stabilize oil prices. OPEC members hold over 80% of global crude oil reserves and collectively produce over 29 million barrels per day. The organization meets twice yearly to set production quotas and policies aimed at maintaining stable oil markets.
Petroleum politics
The document discusses the history of petroleum politics and the formation of OPEC. It notes that the Achnacarry Agreements established price control in the 1930s in response to an oil boom. OPEC was formed in 1960 by Venezuela, Iran, Iraq, Saudi Arabia and Kuwait to give producing countries more control over oil incomes. Through production quotas and cooperation, OPEC gained the ability to control oil prices in the 1970s. The oil shocks of 1973 and 1979 demonstrated this power and increased prices. However, OPEC lost influence in the 1980s due to new producers and internal conflicts.
Oil: History & Outlook
The oil industry has a history spanning over 5,000 years. Major events include the first structured oil well being built in the Gulf of Mexico and oil crises in the 1970s causing price fluctuations. Currently, world oil consumption is around 85 million barrels per day with the top producers being Middle Eastern countries. Factors like OPEC decisions, geopolitical conflicts, and economic conditions influence global oil prices. While oil remains crucial as a non-renewable resource, peak oil production may be reached by 2030, highlighting the need for alternatives.
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ABOUT OPEC
This power point presentation is all about opec, the cartel which controls the price of crude oils export
Grp 9 gama opec
OPEC is an oligopoly of 12 countries that controls a majority of the world's oil supply. As an oligopoly, OPEC sets production quotas to influence oil prices and maximize profits for its members. However, individual members are incentivized to cheat on quotas and produce more to earn higher profits, threatening the stability of the cartel. While OPEC was historically effective at manipulating prices in the short run, demand has become more elastic over the long run and increased non-OPEC production has reduced OPEC's dominance of the oil market.
The new shale order: OPEC fades, shale booms, China rise
Structural changes are reshaping the global oil market. OPEC is losing influence as shale production booms and its members' interests diverge. A new oil axis centered in North America driven by private enterprise is emerging to counter Middle Eastern production. Meanwhile, China's growing oil demand is shifting trade routes east and challenging the dollar's dominance in oil markets. These changes will have long-lasting effects on global oil supply and geopolitics.
Opec
The contents of this presentation include;
OPEC
HEADQUARTERS, FLAG, AND CURRENT
SECRETARY
ESTABLISHMENT
WHY OPEC WAS ESTABLISHED
MEMBERSHIPS
SAUDI ARABIA
NIGERIA
VENEZUELA
MISSION
HISTORY
1973 OIL EMBARGO
ROLE OF OPEC
INFLUENCE OF OPEC ON GLOBAL OIL MARKET
Opec Organization of Petroleum Exporting Countries
Organization of Petroleum Exporting Countries
Any country with substantial exports and same petroleum interests are eligible to join
Final opec
OPEC is an organization formed in 1960 by 12 oil producing countries to unify their petroleum policies and coordinate production. Before OPEC, oil prices were controlled by major oil companies. OPEC took control of prices in the 1970s and was able to influence the global oil market as a cartel by restricting production to raise prices. As a cartel, OPEC aimed to allocate production quotas to stabilize prices. However, internal disagreements and increased non-OPEC production have weakened OPEC's influence in recent decades. The future of OPEC as an effective cartel remains uncertain.
OPEC slideshare (2020)
OPEC was established in 1960 in Baghdad by 5 founding members: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. It is headquartered in Vienna and coordinates policies among its 13 member countries, who collectively possess over 70% of global crude oil reserves. OPEC aims to ensure stable oil supplies and prices to both producing and consuming countries. In recent years, price wars between Russia and Saudi Arabia have led to sharp drops in crude prices, greatly impacting oil-exporting countries and global energy markets. The COVID-19 pandemic has further disrupted supply and demand, threatening the oil industry. OPEC and its members must now realign strategies to navigate these challenges and changing energy landscapes over the long
Iff3 1 belousovachuharevasinelnikova-opec
OPEC is an intergovernmental organization comprised of 12 oil-producing countries that seeks to coordinate petroleum policies and ensure a stable oil market. It was formed in 1960 to administer common petroleum policies and stabilize oil prices. While OPEC aims to provide a steady oil supply, political disputes among members and instability in some countries present obstacles. OPEC's advantages include economic benefits through supply and price control, but disadvantages involve political challenges from internal disagreements and dependence on other regions.
Opec ppt
This document discusses OPEC (Organization of the Petroleum Exporting Countries), an intergovernmental organization of 14 oil producing nations. It notes that OPEC controls nearly 80% of the world's oil reserves and 44% of daily oil production, giving it power to influence global oil prices. The document also summarizes OPEC's goals of maintaining stable oil markets with reasonable prices and steady supplies for consumers, while allowing member nations a fair profit. Finally, it provides context on India's growing oil consumption from 2007-2018.
OPEC (Organization of Petroleum Exporting Countries)
The Organization of Petroleum Exporting Countries (OPEC) was established in 1960 by five founding members - Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. It is an intergovernmental organization that coordinates and unifies oil policies among its members, with goals of stabilizing oil markets and ensuring a steady supply of oil to consumers. OPEC played a key role in the 1973 oil embargo and continues to influence global oil prices and production levels through agreements among its members, which now include 12 countries in total. Saudi Arabia is OPEC's largest producer and has significant spare capacity to influence markets.
OPEC August 2016
The OPEC Reference Basket averaged $42.68/b in July, representing the first decline in five months. Lower-than-expected demand, high refined product stocks, and rising crude supply were the factors behind the $3.16 drop. ICE Brent ended down $3.39 at $46.53/b, while Nymex WTI fell $4.05 to $44.80/b. Speculators cut long positions further this month in all markets. The ICE Brent-WTI spread widened to $1.75/b in Brent’s favour during July.
Opec to affect future
This document discusses the Organization of the Petroleum Exporting Countries (OPEC), which coordinates oil production policies for 12 member countries that collectively produce around 40% of the world's crude oil. OPEC aims to stabilize oil prices through setting production quotas. It has faced criticism as its share of global oil production has declined from dominance in the 1980s due to growth in non-OPEC suppliers like Canada and Russia. While OPEC still exerts influence over prices by adjusting quotas, its ability to control the market unilaterally has diminished over time as demand has increasingly been met by non-member countries.
Opec full report
OPEC is an intergovernmental organization comprised of 11 developing countries whose economies are heavily reliant on oil revenues. Within OPEC, Saudi Arabia has often played a dominant role in climate negotiations due to its large oil production and close ties to the oil industry. However, OPEC is a heterogeneous group with differing interests. While OPEC brings negotiating experience and resources to the G77, Saudi Arabia in particular has opposed emissions reductions and disrupted negotiations by linking issues in a way that frustrates other G77 countries. This report analyzes OPEC's role within the G77 in UNFCCC negotiations and its implications for other developing nations.
OPEC
OPEC is an intergovernmental organization formed in 1960 by 12 oil producing countries. It is headquartered in Vienna, Austria and aims to coordinate oil policies among member countries to stabilize oil prices in international markets. Current members include Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela. OPEC influences global oil prices through setting individual production quotas for members that collectively determine supply in international markets. Fluctuations in OPEC's quotas and international oil prices have significant economic impacts on both producing and consuming countries like India.
The opec as international cartel
The document summarizes the history and operations of OPEC, the Organization of the Petroleum Exporting Countries. It describes how OPEC was founded in 1960 by five countries and moved its headquarters to Vienna in 1965. It discusses how OPEC acts similarly to a monopolist by restricting oil production to influence prices, though it only controls around 30% of global oil supply. The document also briefly outlines some major events like the 1973 oil crisis and 1990 Gulf War that impacted oil markets.
Copy of OPEC-oil-prices[2]
The document discusses OPEC's role as a monopoly in the global oil market and how it can influence prices. It outlines factors like increased winter demand, supply disruptions, and OPEC's decision to increase production by 800,000 barrels per day to lower prices. However, this small increase is unlikely to significantly impact prices given total world consumption growth. The US oil industry has consolidated since the 1970s, making companies larger and better able to compete with OPEC. Alternative energy sources may eventually replace oil but have not been fully developed yet.
OPEC and it's policy
OPEC was formed in 1960 and currently has 11 member countries that produce around 40% of the world's crude oil. The main objectives of OPEC are to stabilize oil prices in international markets and secure steady income for member nations. A key issue discussed is the recent drop in crude oil prices due to increased US production, as OPEC members have decided not to cut their own production in response. The document examines OPEC members' production shares and export patterns, as well as common transportation routes for crude oil supply.
Opec
The Organization of Petroleum Exporting Countries (OPEC) is an intergovernmental organization consisting of 12 oil producing countries. It was founded in 1960 in Baghdad by 5 countries and aims to coordinate and unify petroleum policies among member countries. Key objectives include stabilizing oil prices and ensuring a steady supply of oil to consuming countries. OPEC faces challenges in enforcing production quotas and preventing price cheating among its members.
Opec
The Organization of Petroleum Exporting Countries (OPEC) was created in 1960 at a conference in Baghdad by five oil producing countries: Iraq, Saudi Arabia, Venezuela, Iran, and Kuwait. OPEC's mission is to coordinate policies among oil producing countries to secure a steady income for its members and a stable supply of oil to consumers. It established its headquarters in Vienna, Austria in 1965. In the 1970s, OPEC gained influence and raised oil prices during the 1973 oil crisis in response to the U.S. aid to Israel. It has since grown to include 12 member countries working to balance oil supply and demand globally.
Opec
OPEC is a permanent intergovernmental organization consisting of 12 oil producing countries located in Africa, Asia, and South America. It was founded in 1960 in Baghdad, Iraq by 5 countries and seeks to coordinate oil policies and stabilize oil prices. OPEC members hold over 80% of global crude oil reserves and collectively produce over 29 million barrels per day. The organization meets twice yearly to set production quotas and policies aimed at maintaining stable oil markets.
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The new shale order: OPEC fades, shale booms, China rise
The new shale order: OPEC fades, shale booms, China rise
Opec Organization of Petroleum Exporting Countries
Opec Organization of Petroleum Exporting Countries
OPEC (Organization of Petroleum Exporting Countries)
OPEC (Organization of Petroleum Exporting Countries)
Similar to Opec the economics of a cartel
Petroleum politics
The document discusses the history of petroleum politics and the formation of OPEC. It notes that the Achnacarry Agreements established price control in the 1930s in response to an oil boom. OPEC was formed in 1960 by Venezuela, Iran, Iraq, Saudi Arabia and Kuwait to give producing countries more control over oil incomes. Through production quotas and cooperation, OPEC gained the ability to control oil prices in the 1970s. The oil shocks of 1973 and 1979 demonstrated this power and increased prices. However, OPEC lost influence in the 1980s due to new producers and internal conflicts.
Oil: History & Outlook
The oil industry has a history spanning over 5,000 years. Major events include the first structured oil well being built in the Gulf of Mexico and oil crises in the 1970s causing price fluctuations. Currently, world oil consumption is around 85 million barrels per day with the top producers being Middle Eastern countries. Factors like OPEC decisions, geopolitical conflicts, and economic conditions influence global oil prices. While oil remains crucial as a non-renewable resource, peak oil production may be reached by 2030, highlighting the need for alternatives.
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DeMis AAPG 2000
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The document discusses the impact of global crude oil prices on the Indian economy. It outlines how oil prices have fluctuated over time due to major events like the establishment of OPEC in 1960 and oil embargoes in the 1970s. It also describes how the crude oil supply market operates as an oligopoly dominated by OPEC. Rising global demand and inelastic supply/demand have led prices to increase. High oil prices raise inflation and hurt India's GDP due to its oil import dependence and fuel subsidy costs.
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The Economics of Oil
- John D. Rockefeller founded Standard Oil in 1870 and by 1877 it controlled over 90% of the American oil refining industry. The invention of the combustion engine in 1895 drove increased oil demand and exploration.
- Major oil discoveries were made in the 1930s-40s in Saudi Arabia and Kuwait, shifting oil production away from the US. This started America's growing reliance on foreign oil. OPEC was formed in 1960 to give oil exporting countries more leverage.
- Significant events and oil price fluctuations followed, including the 1973 Arab oil embargo against the US and price spikes in the late 1970s and 2008. The BP Gulf of Mexico oil spill in 2010 was the largest and most catastrophic oil spill in history
fueLthoughtWILFRID L. KOHL is Directorof the Internati.docx
fueL
thought
WILFRID L. KOHL is Director
of the International Energy and
Environment Program of the
Foreign Policy Institute and
Professor of International Relations
at the Paul H. Nitze School of
Advanced International Studies at
Johns Hopkins University.
WILFRID L. KOHL
The Perfect Storm
OPEC and the World Oil Market
O
il continues to be the world's most important fuel, contributing
>') percent ofthe global energy supply. It will remain the leading
luel in the near future, driven primarily hy demand from the
rapidly growing transportation sector. Crude oil prices have been
especially volatile recently, reaching almost US$50 per barrel in
AiLgList 2004. W hy have oil prices risen so significiintiy, and what is the role ofthe
Organization of Petroleum Kxporting C^ountries (OPEC) in the oil market?
OPF.C is an organization of oil-producing governments that cooperate to
manage oil supply and prices in order to maximize the revenues ofthe memher
states and promote stability in the oil market. The ten producer governments who
make up O P E C (OPEC-10), most of them in the Middle East, have economies
that are highly dependent on oil revenues, all ot whom ostensibly accept produc-
tion quotas. Iraq, the eleventh memher, currentlj" has no quota because it is tr\'ing
to restore its fomier oil production after the Iraq war in 2003. O P E C acts like a
cartel as it pursues its economic and political ohjectivus.
.Although O P E C has ahout 75 percent ofthe world s oil reserves, it currently
comprises only ahout 35 percent of world oil production, much less than the 60
to 65 percent it controlled at the time ofthe oil shocks in the 1970s. Non-(^PEC
producers are thus important, led by Russia, whose production is expanding, and
the United States, whose production is declining. While O P E C has had some
success at managing the world oil market in recent years, it has also made mistakes.
At times, it is confronted by challenges beyond its conti'ol, as in 2004.
The Oil Price Band
At its disasti'ous meeting in Jakarta at the end of November 1997, O P E C
increased oil production despite the economic crisis in Asian economies, which
led to falling demand in 1998 and a price collapse to US$10 per barrel. T h e price
collapse caused severe damage to the economies of producer countries. T h e
cartel was able to regroup and cut production in March 1999 with the assistance
of non-OPEC producers, specifically Mexico, Russia, Norway, and Oman. Oil
prices recovered and increased above US$30 per barrel by early 2000, tiriven
partly by Asian recovery and low Organization of Economic Co-operation and
Development (OECD) oil stocks. O P E C overshot its target of restoring prices
to the low- to mid-US$20 range.
In 2000, O P E C increased output four times to try to reduce the high oil
prices that threatened to diminish oil demand. At its l i e n n a meeting in March
of that year, O P E C reversed its 1999 decision and increased production, assisted
again hy the .
Danger of rising Oil prices
The document discusses threats to the world economy from rising oil prices. It summarizes the history and ubiquity of oil usage, and examines factors driving increasing global demand and volatile prices, including speculation, OPEC power, and peak oil theory. Rising prices pose inflation risks but countries have become less vulnerable over time. Policies aim to balance price stability and growth, but high prices could stall the global economy unless economies adapt.
Oil prices falling and Their Impact on World and Indian Economy
The presentations is focused on Reason Behind the Fall in Global Crude Oil Prices.
It also inculcates various Charts and Data which are Up-to-date.
The Basic Reason is to understand the Effect on Global and Indian Economy.
28133150 oil-prices-its-impact
This document discusses the oil price and its impact. It begins by outlining the importance of oil and its many uses. It then discusses the economics of oil supply and demand and how they are inelastic, leading to large price fluctuations. It outlines some major oil price benchmarks and describes key oil producing and consuming countries. The document then analyzes how volatility in oil prices impacts both global and Indian economies. It concludes by discussing India's vision for increasing energy self-sufficiency and alternative energy sources that may play a larger role in the future.
Understanding Volatile Behavior of Oil
Understanding factors effecting Crude Oil using Game Theory. The various factors effecting its demand and supply, overall behavior of crude oil and its effect on renewable energy.
Impact of crude oil in India
The document provides an overview of changes in crude oil prices from 1986 to 2018 and the impact on the Indian economy. It discusses fluctuations in prices between 1986 and 2009, with prices generally falling until the mid-2000s due to factors like OPEC production cuts. Prices rose significantly in the late 2000s before collapsing in 2014-2016. More recently prices have been steadily increasing since 2016. The document also examines how rising crude oil prices impact India through higher import bills, inflation, the fiscal deficit, the rupee, and corporate profit margins. Key sectors like energy, transportation, and manufacturing are affected.
change in oil prices
1. Global supply of oil has surpassed demand, resulting in falling prices. Increased output from Libya, the US shale oil boom, and tepid Asian demand have all contributed to higher supply.
2. Factors putting downward pressure on prices include a slowdown in the Eurozone economy and infighting within OPEC as members try to maintain market share.
3. High oil prices can lead to recessions as people spend only on necessities, hurting businesses and government finances through reduced growth and tax collection. Housing prices and overall economic activity also tend to suffer.
Priyanka
OPEC is an intergovernmental organization formed in 1960 to coordinate and unify petroleum policies among its 13 member countries. It aims to secure fair and stable oil prices, an efficient supply of oil to consumers, and equitable and reasonable profits for its members. Key events included the 1971 shift of price control from oil companies to OPEC, and the 1973 and 1979 oil crises which led to price increases. While OPEC coordinated production quotas to influence prices, disagreements among members and increased non-OPEC production have reduced its influence in recent years. OPEC members control a large share of global oil reserves and production, but the organization faces challenges in balancing its members' interests and global oil market dynamics
Priyanka
OPEC is an intergovernmental organization of 13 oil-producing countries founded in 1960 to coordinate and unify petroleum policies among its members and ensure the stabilization of oil markets worldwide. Its stated mission is to manage the supply of oil in an effort to set price levels that are fair to both the producers and consumers of oil. Some key points are that OPEC is headquartered in Vienna, Austria, it was established in 1960 by 5 countries and has since grown to 13 members, and collectively its members control a significant portion of the world's proven oil reserves and production.
Efm
The document discusses OPEC (Organization of the Petroleum Exporting Countries) and its role in the global oil market. It describes how OPEC, made up of major oil producing countries in the Middle East, acts as an oligopoly and tries to coordinate production levels to raise oil prices. However, each OPEC member is tempted to increase their own production for higher profits, making cooperation difficult. As a result, OPEC has been less successful over time in maintaining high and stable oil prices.
Oilwatch Monthly - January 2010
The document summarizes oil market developments from January 2010. It provides data on world oil production levels for crude oil, liquid fuels, and natural gas liquids from January 2004 to December 2009. It also breaks down production levels for OPEC and non-OPEC countries over similar time periods. Key points made include world liquid fuel production reaching 86.17 million barrels per day in November 2009, OPEC liquid fuel production at 34.21 million barrels per day in December 2009, and non-OPEC liquid fuel production at 50.17 million barrels per day in December 2009. Thirteen charts accompany the text to illustrate production trends.
Similar to Opec the economics of a cartel (20)
Oil Prices Explained: Putting a dollar value on a barrel of crude
Oil Prices Explained: Putting a dollar value on a barrel of crude
Understanding the Major Happenings in the Oil Market. A slippery path!
Understanding the Major Happenings in the Oil Market. A slippery path!
fueLthoughtWILFRID L. KOHL is Directorof the Internati.docx
fueLthoughtWILFRID L. KOHL is Directorof the Internati.docx
Oil prices falling and Their Impact on World and Indian Economy
Oil prices falling and Their Impact on World and Indian Economy
More from Udayan Sikdar
Youth In India - a detailed study with references
Being in a country with the largest youth population, it is detrimental for brands to understand the mindset of this target audience.
Choice is everything an independent youth has, be it for their gadgets, food or entertainment. They live their lives muti-tasking with their studies, gadgets, internet and television amongst other things.
They try to seek their identity both online and offline through the various mediums available.
For youth the brand they associate with matters a lot more than a simple choice of necessity.
The following report showcases the various aspects of the youth population and attempts to establish an understanding of their preferences.
Zee telefilms
ZEE Telefilms was the first company to launch a Hindi entertainment channel, ZEE TV, in 1992. It has since expanded to become India's most broad-based TV channel with 23 channels. However, it faced increased competition from channels like Star and Sony in the late 1990s. In response, ZEE launched new channels, shows, and rebranding efforts to fight back and regain market share.
Tata nano
Tata Nano is an inexpensive, rear-engined, four-passenger city car produced by Tata Motors of India. It was designed to be affordable for the average Indian citizen, with a base model price of around $2,500. To keep costs low, it uses plastic and adhesive in place of welding and lacks amenities like air conditioning, power steering, and airbags. Despite safety concerns from some, the Nano addresses a need for basic, affordable transportation and has the potential for global appeal if Tata can control costs and improve perceptions of the car's safety.
Tata motors and jaguar land rover
Ford initially acquired Jaguar and Land Rover in 1989 and 2000 respectively, but was losing money on the brands. In 2008, Ford put the brands up for sale and Tata Motors acquired them for $2.3 billion, gaining ownership of two luxury brands. However, after the acquisition, Tata Motors found itself with large debts from financing the purchase and was further impacted by the economic recession, but has since introduced new models and seen profits increase.
Tata steel’s acquisition of corus
Tata Steel acquired Corus Group to gain access to Corus' mature European markets and technology. The acquisition was expected to provide synergies from combining Tata's low-cost production with Corus' high-value products and distribution networks. Tata paid $12.07 billion in cash for Corus, funded through equity and loans. Long-term, Tata aimed to efficiently integrate the companies and increase their combined revenues, profits, global reach and steel production capacity.
Starbucks
Starbucks is the largest coffeehouse company in the world with over 17,000 stores globally. It began in 1971 in Seattle as a coffee bean roaster and has since expanded internationally. Starbucks focuses on high quality coffee beverages and a customer experience emphasizing friendly service in a comfortable atmosphere. While it faces competition from other coffee chains and retailers, Starbucks has maintained its leadership position through continuous product innovation and a commitment to customer satisfaction.
Schwan
This case study analyzes Schwan Food Company's new product development process, focusing on their frozen pizza brand Red Baron. It discusses Schwan's history starting in 1952 with ice cream home delivery and their acquisition of pizza factories. It also examines their need for innovation, SWOT analysis, factors considered in new product development, and Red Baron's product lifecycle. The challenges of product development and Schwan's future are also addressed.
Path goal theory
Path-Goal Theory describes how leaders can motivate followers to achieve goals. It states that leadership should enhance employee performance and satisfaction by focusing on employee motivation. The leader must use a style that meets the motivational needs of followers based on their characteristics and the work setting. The leader determines outcomes subordinates want to achieve, rewards high performance, and ensures subordinates believe they can achieve goals and perform well.
Music world
Music World is a music retail chain in India owned by RPG Group. It was established in 2001 to address issues with the old formats of music retailers and high piracy rates. Music World partnered with Saregama to launch stores focused on retail of music and films. It has grown rapidly since its launch, with over 79 stores across India generating annual sales of over Rs. 235 crores. Music World aims to become the leading music retailer in India by expanding its store network and catering to more customer needs.
Maslows theory
Maslow's Need Hierarchy Theory outlines 5 levels of human needs: 1) Physiological needs like food and shelter, 2) Safety and security needs, 3) Social needs including belongingness and friendship, 4) Esteem needs involving respect and status, and 5) Self-actualization needs relating to achieving one's full potential. Physiological needs are the most basic and must be met before progressing up the hierarchy to higher level needs of safety, social belonging, esteem, and self-actualization.
Low cost airlines
The document outlines the aviation industry in India and the potential for low-cost airlines. It discusses how India's aviation market was previously a monopoly but was opened to private players in 1994. Low-cost carriers emerged promising lower fares but without extra services. Strategies of low-cost airlines included using secondary airports, outsourcing, and charging for extras. Air Deccan launched in 2003 as India's first low-cost carrier, aiming to make air travel affordable through strategies like high aircraft utilization and dynamic pricing. However, factors like rising costs, new entrant competition, and high risk perception have made it difficult for low-cost airlines to succeed in India.
Itc fraud case
The document discusses a scam involving ITC Limited, a major Indian conglomerate. In 1996, the Enforcement Directorate conducted raids on ITC establishments and arrested executives on charges of violating foreign exchange regulations involving $100 million. ITC was also accused of excise evasion fraud and share price manipulation. The raids found evidence of over-invoicing, under-invoicing, unauthorized fund transfers, and excise tax evasion totaling Rs. 799 crore.
Imaginary prod1
The document describes Leo PVT LTD's hair coloring shampoo product called Killer Strands. It is available in 5 colors and provides immediate hair coloring in 15 minutes without damage. It retails for Rs. 250 per 100ml bottle. The product aims to make hair coloring easy and affordable as an alternative to salon treatments. It contains natural dyes and nourishes hair. The document outlines the company's marketing strategy to promote brand awareness and increase demand among youth.
Imaginary product Metro Touch
The document outlines the business plan for a clothing brand called Metro Touch. It discusses the company's mission, product offerings, target markets, and strategies for segmentation, positioning, distribution, pricing, and competition. The brand aims to open 20 showrooms across major cities to target fashion-conscious youth. It focuses on providing trendy clothing like jeans, shirts, and accessories at affordable prices.
Hindalco novelis
Hindalco acquired Novelis, a leading aluminum rolling company, for approximately $6 billion. This was Hindalco's largest acquisition to date and established Hindalco as one of the world's largest aluminum producers, with facilities on five continents. The acquisition was financed through both debt and Hindalco's cash reserves, and was intended to give Hindalco access to Novelis' downstream aluminum products business and expertise in recycling. After the acquisition, Hindalco saw large increases in revenue and profitability, and has pursued further expansion plans to capture synergies from combining Novelis' aluminum rolling operations with Hindalco's existing aluminum production facilities.
Fccb
FCCB stands for Foreign Currency Convertible Bond, which is a bond issued by a country in a foreign currency. It acts as both a debt and equity instrument as the bondholder has the option to convert the bond into the company's equity shares. Many Indian companies issued FCCBs from 2004 to 2007 but are now struggling as the equity markets are lower than expected and most bonds have not been converted. Companies need to repay an estimated Rs. 33,000 crore but may seek to restructure terms, reset conversion prices, or utilize unused portions to emerge from the current crisis over maturing FCCBs.
Failure of subhiksha
The document discusses the rise and fall of the Indian retail chain Subhiksha. It provides details on Subhiksha's business model, expansion plans, and reasons for its decline. Subhiksha grew rapidly in the 2000s but overextended itself, experiencing a liquidity crisis. It shut down operations in 2009 due to huge debt, poor inventory management, and increased competition. The document recommends revival strategies such as improving store quality, diversifying products, and prioritizing equity over debt financing.
Easy pad
The document discusses Easy Pad, a new tablet device created by Easy Pad to be a communication hub for working women that is portable, user-friendly, and provides access to entertainment and information. It provides details on the target market of working mothers and professionals, as well as the device's specifications, software features, and sales and marketing strategy for launching in Germany. The strategy involves a focus on research and development, promotions, distribution channels and advertising to achieve sales targets and market share goals in its first year.
Dove campaign for real beauty
Unilever launched its "Campaign for Real Beauty" in 2004 through its Dove brand. The campaign was designed by Ogilvy & Mather and aimed to challenge stereotypes of beauty promoted by the industry by featuring real women of various ages and body types in its advertising. A survey conducted for the campaign found that most women did not consider themselves beautiful by typical standards. The campaign was intended to make more women feel beautiful by presenting a wider definition of beauty and raising awareness of unrealistic media portrayals. It contributed to increased sales and brand recognition for Dove.
Daewoo motors
Daewoo Motors was once a large automobile manufacturer, but struggled with marketing its vehicles effectively. It focused on the mid-size vehicle segment which became overcrowded with competitors. Daewoo engaged in heavy discounting which damaged its brand image. As sales declined sharply, Daewoo took on huge debts for expansion and faced financial troubles. By 2000, Daewoo Motors declared bankruptcy due to poor marketing strategies, intense competition, and large debt obligations.
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【业务选择办理准则】
一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信：A575476】文凭即可
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三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
→ 【关于价格问题（保证一手价格）
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
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一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信：A575476】文凭即可
二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信：A575476】即可
三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
→ 【关于价格问题（保证一手价格）
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。
选择实体注册公司办理，更放心，更安全！我们的承诺：可来公司面谈，可签订合同，会陪同客户一起到教育部认证窗口递交认证材料，客户在教育部官方认证查询网站查询到认证通过结果后付款，不成功不收费！
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Introduction
The global retail industry has weathered numerous storms, with the financial crisis of 2008 serving as a poignant reminder of the sector's resilience and adaptability. However, as we navigate the complex landscape of 2024, retailers face a unique set of challenges that demand innovative strategies and a fundamental shift in mindset. This white paper contrasts the impact of the 2008 recession on the retail sector with the current headwinds retailers are grappling with, while offering a comprehensive roadmap for success in this new paradigm.
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Opec the economics of a cartel
- 2. Set up in 1960 Principal Aim- 'coordination & unification of petroleum policies of member countries & the determination of the best means for safeguarding their interests, individually & collectively’ 40% of the world's crude oil production Exports represent 55% of the crude oil traded internationally
- 3. Before 1970 No major role played by OPEC countries During 1970 Power of price setting shifted from MNC oil companies to OPEC By 1973 OPEC countries changed the pricing system 1975-1985 Oil production increased from 48% to 71% Mid-1980 Survival became Uncertain Market share fell from 52% to 30% in 1985
- 4. Quota set by OPEC Production ceiling set up was violated 1985-Oil prices dropped from $28 to $12 1990s- $30 per barrel 1993- $15 per barrel
- 5. Pricing data collected March 2000 –Set a Price Band mechanism in the range of $22-$28 per barrel Production adjustments on basket price Jan 2005 – suspended price band mechanism Market was tight in its price band Unable to defend by cutting its production
- 6. Price being affected due to speculation Fluctuation due to changes in quota decisions 1980- OPEC made a mistake by increasing oil prices to $40 / barrel Reduction in demand – reduction in prices Problem with cartel Maintaining the right price Allocate sales among OPEC countries Growth expectation in 2008-2009
- 7. Lifting costs incurred in extraction 1999-less than $1.50 a barrel Persian countries have incurred lowest replacement cost and U.S incurred highest costs Cost for setup maybe around $19-$25 pb still the oil price rises up to $100
- 8. OPEC produced 28-29mbpd in 1971 Still producing the same amount Prices rocketing due to surging demand In 2008 oil ministers declined to increase production. Extraction costs $1.50 pb. PB price $100 OPEC maintained that surging prices were due to Hedging and mere Speculation