ARAB STATES DECLARE WAR AGAINST ISRAEL The conflict between Arabs and Jews in the Middle East was over land of historic Israel and Palestine. The conflict has led to several wars‚ beginning in 1948‚ among Arab nations‚ Palestinian refugees‚ and the state of Israel. Since 1979 several peace accords have been signed‚ addressing parts of the conflict. The area is the homeland of the Jewish people‚ who immigrated to the area beginning in the 13th century BC as Hebrew tribes. The tribes confederated
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ENERGY SECURITY Energy security means having access to the requisite volumes of energy at affordable prices in association with national security and the availability of natural resources for energy consumption. From the perspective of a government concerned and the management of strategic interests‚ energy security implies energy policies and standby measures that can be implemented in the event of a supply disruption—and at a cost that its citizens consider reasonable. Such measures include energy
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controlled since oil industry was oligopoly‚ many consumers exist and the government protected oil industry from competition. However‚ oil industry is facing perfect competition; oligopoly formation of oil industry would come to perfect competition because OPEC started apart from each other. This perfect competition tends to be price competition since oil is commodity. To maximize the profit‚ competitors would increase supply with low prices‚ and the government changed regulations that could trigger to reduce
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oil production‚ rising demand‚ and increasing imports. The embargo was accompanied by decreased OPEC production‚ and with minimal global excess production capacity available outside OPEC‚ created short-term shortages and price increases. (7) When Arab production was restored and the embargo lifted six months later‚ world crude oil prices had tripled from the 1973 average to about $12 per barrel‚ and OPEC was firmly in control of the world oil market. Industry Action/Reaction: • U.S. refiners made
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before and after Saudi Oil Exploration 6 B.Current Position of Global Oil Market 6 C.Worldwide Oil Consumption 7 1. Comparison between OECD and Non-OECD Countries 7 III SAUDI ARABIA ROLE IN OIL AND GAS INDUSTRY 9 A.OPEC 9 B.Saudi Arabia role in OPEC 9 IV. IMPROVING SAUDI ARABIAN ECONOMY 10 A.Recommendations & Conclusion 10 Global Oil Market Before and After Oil Extraction in Saudi Arabia INTRODUCTION I. BACKGROUND Before the massive oil reserves were uncovered in late 1930’s by
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Market structure refers to: • Nature and degree of competition within a particular market • The number of firms producing identical products which are homogenous Oligopoly: This is a market structure in which the market is dominated by a small number of firms that together control the majority of the market share. Few firms dominate Although only a few firms dominate‚ it is possible that many small firms may also operate in the market e.g. the major airlines. It is a situation between perfect
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Leaders agree cut to EU spending By Joshua Chaffin and Alex Barker in Brussels Leaders agreed the first ever cut to the European Union budget after setting spending to the end of the decade at €960bn. The deal emerged after a bruising battle that saw Britain’s David Cameron lead demands for deep cuts to reflect the austerity undertaken by many governments and François Hollande‚ French president‚ rallying the defence of EU spending to help recession-hit economies. High quality global journalism
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large and fast depleting industry. The main market oil producing countries and organizations such as Opec and Opec+‚ and a few other non-Opec countries indicate that their current production rates (reserves) are slowly being eaten up. This is shown by (graph 1) The structure of the world oil market is set to be oligopolistic as the oil market is dominated buy few suppliers‚ such as Opec and Opec + and the North Sea. For a industry to be classified as an oligopolistic industry it has to have a few
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concentrated within the 12 OPEC countries. (Organisation of the Petroleum Exporting Countries). These countries hold a vast amount of the world’s oil and gas reserves with 81% of proven oil reserves and 49% of proven gas reserves. The aim of the organisation is to unify petroleum policies so that there is a steady supply of energy to consumers‚ and a steady income for themselves- the producer. OPEC sets production targets for its member nations and generally‚ when OPEC production targets are reduced
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Republic Day Awards‚ 2012 A total of 109 persons‚ including 19 women‚ have been selected for the Padma awards. Five personalities have been given Padma Vibhushan‚ 27 Padma Bhushan and 77 Padma Shree awards. PADMA VIBHUSHAN: K.G. Subramanyan (painting and sculpture)‚ Late Mario De Miranda (cartoonist)‚ Late (Dr) Bhupen Hazarika (vocal music)‚ Dr Kantilal Hastimal Sancheti (orthopaedics)‚ T.V. Rajeswar (civil service)‚ Delhi. PADMA BHUSHAN: Prominent among winners were Shabana Azmi (cinema)‚ Khaled
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