A PROJECT REPORT ON DEMAND‚ SUPPLY & ELASTICITY OF CRUDE OIL SUBMITTED BY Group -5 Karan Chopra (2012137) Manik Grover (2012155) Manish (2012156) Nancy Pande (2012178) Nayan Sharma (2012182) Nitya Agarwal (2012188) Introduction Crude oil is a naturally occurring substance (i.e.‚ “Fossil Fuel”‚ formed from organic remains over a period of millions of years) found in certain rock formations in the earth. It is a dark‚ sticky liquid which‚ scientifically speaking‚ is classified as a hydrocarbon
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worldwide cooperation are essential if we expect to protect the world for the future generations. International leadership and worldwide cooperation have made great achievements in the protection of global environment. One of the best examples is OPEC. OPEC‚ the Organization of Petroleum Exporting Countries‚ is an international organization of eleven developing countries that are heavily depended on oil revenues as their main sources of income. Since oil revenues are vital to the economics development
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effects of OPEC (Organization of Petroleum Exporting Countries) are also examined by the Federal Trade Commission as well as possible anti-trust violations and market manipulation by refineries. OPEC‚ which is a cartel that tries to restrict oil output‚ is an intergovernmental organization of twelve developing countries which include Algeria‚ Angola‚ Ecuador‚ Iran‚ Iraq‚ Kuwait‚ Libya‚ Nigeria‚ Qatar‚ Saudi Arabia‚ the United Arab Emirates‚ and Venezuela. It has often been said that if OPEC were run
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UAE News‚ N.p.‚ 01 Dec. 2013. Web. 01 Dec. 2013. "Oil Industry and the Economy - Society: Newfoundland and Labrador Heritage." Oil Industry and the Economy - Society: Newfoundland and Labrador Heritage. N.p.‚ n.d. Web. 09 Oct. 2013. "OPEC : United Arab Emirates." OPEC : Home. N.p.‚ n.d. Web. 1 Dec. 2013 "United Arab Emirates - GNI per Capita." United Arab Emirates. N.p.‚ n.d. Web. 09 Oct. 2013. "U.S. Energy Information Administration - EIA - Independent Statistics and Analysis." Global Crude Oil Supply
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consuming a huge percentage of the world’s energy in proportion to its population. Domestic oil production declined at the same time‚ leading the country to lean heavily on foreign oil‚ and in 1973‚ the US was placed under an OPEC embargo for political reasons. Middle Eastern members of OPEC wished to protest American involvement in an ongoing conflict with Israel‚ and these nations struck the country where it hurt‚ depriving them of oil in 1973 and again in 1977. One of the most immediate effects of the
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"EIA - International Energy Data and Analysis." U.S. Energy Information Administration - EIA - Independent Statistics and Analysis. EIA‚ 10 Nov. 2010. Web. 19 Nov. 2010. <http://www.eia.doe.gov/ipm/supply.html>. Wahhab‚ Monir. The impact of OPEC on oil stock prices: event analysis. Montreal: Concordia Theses‚ 2010. Print.
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difficult for areas that don’t have their own oil resources. Groups like OPEC (Organization of the Petroleum Exporting Countries) are in control when purchasing is the only option. OPEC ’s objective is to co-ordinate and unify petroleum policies among Member Countries‚ in order to secure fair and stable prices for petroleum producers; an efficient‚
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corporate investment‚ employment‚ and pricing decisions. 1.1) Organization of Petroleum Exporting Countries (OPEC) Policies. An organization consisting of the world’s major oil-exporting nations. The Organization of Petroleum Exporting Countries (OPEC) was founded in 1960 to coordinate the petroleum policies of its members‚ and to provide member states with technical and economic aid. OPEC is a cartel that aims to manage the supply of oil in an effort to set the price of oil on the world market‚ in
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Since the declining of oil production and the growing consumption in the late 2002‚ Indonesia turns into a net oil importer in year 2004‚ consequently causing Indonesia to momentarily withdraw from the Organization of Petroleum Exporting Countries (OPEC) on year 2008. But this downfall in the oil sector doesn’t mean that the gas sector is suffering the same fate. Indonesia is ranked eighth in the world gas production‚ with proven reserves of 108 trillion cubic feet in year 2010. Can you imagine how
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OPEC‚ otherwise known as Organization of the Petroleum Exporting Countries‚ As of 2016 contains 14 members which account 44 percent of global oil production and 73 percent of the world’s "proven" oil reserves‚ giving them a major influence on global oil
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