Petroleum Exporting Countries (OPEC)‚ inter-governmental organization‚ was established at the Baghdad Conference in Iraq in September 1960 by Iran‚ Iraq‚ Kuwait‚ Saudi Arabia‚ and Venezuela. These five countries were later joined by eight other countries; Qatar (1961)‚ Indonesia (1962)‚ Libya (1962)‚ United Arab Emirates (1967)‚ Algeria (1969)‚ Nigeria (1971)‚ Ecuador (1973)‚ and Gabon (1975). Ecuador and Gabon withdrew from OPEC in 1992 and 1994. The current eleven OPEC members account for about 40
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OPEC Oligopoly Chelsea Weber OPEC Oligopoly Organization of Petroleum Exporting Countries (OPEC) has been called many names; monopoly‚ oligopoly‚ cartel‚ or all of the above. Reading further will give information on to why OPEC is an oligopoly. To give you a brief background on OPEC‚ explain to you how OPEC acts like a cartel and of why OPEC is a successful oligopoly and cartel. Is OPEC a successful oligopoly? Some people refer to OPEC as a cartel which is another name for oligopoly. Some people
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& 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. Crude oil is highly flammable and
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usage of oil as a form of energy. This means from an economic standpoint that the demand in the market for oil is highly inelastic. This gives oil producers high incentive to produce so they can achieve large profits. Unfortunately supply for this industry is also inelastic and due to the nature of oil as a natural resource there is a limit to how much producers can produce. Due to its worldwide need‚ the exporting and production of oil is done at a worldwide level. Hence suppliers in the oil industry
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Exporting Countries (OPEC) is a permanent‚ intergovernmental organization‚ created in 1960 by Iran‚ Iraq‚ Kuwait‚ Saudi Arabia and Venezuela. The five Founding Members were later joined by nine other Members: Qatar (1961); Indonesia (1962) which suspended its membership from January 2009; Libya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973) suspended its membership from December 1992- October 2007; Angola (2007) and Gabon (1975-1994). Until 1965‚ OPEC had its headquarters
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The Organization of the Petroleum Exporting Countries (OPEC) is a permanent‚ intergovernmental Organization‚ created at the Baghdad Conference on September 10–14‚ 1960‚ by Iran‚ Iraq‚ Kuwait‚ Saudi Arabia and Venezuela. The five Founding Members were later joined by nine other Members: Qatar (1961); Indonesia (1962) – suspended its membership from January 2009; Libya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973) – suspended its membership from December 1992-October
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Thane OPEC Case Study Course - IIFT EPGDIB ( Vsat) 2009 Participants :1) Dinesh Jhamnani 3) Neelesh Naik 5) Koshy John 2) Anup Nair 4) Prashant Lohade 6) Smita Meshram What is OPEC? The Organization of the Petroleum Exporting Countries (OPEC) is a permanent intergovernmental organization of 12 oil-exporting developing nations that coordinates and unifies the petroleum policies of its Member Countries. It was founded at a meeting held on 10–14 September 1960 in Baghdad‚ Iraq‚ by five oil-producing
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The Economic Structure of OPEC For: Professor John Zink BUS 610-0703B Economics for the Global Manager By: Maria A. Journiette August 31‚ 2007 Many companies operate under a monopoly which gives them an edge or a corner on the market. In this discussion we will focus on the differences between a monopoly‚ oligopoly‚ and a cartel. We will also look at what game theory is and its affect on monopolies and cartels and the welfare affect of each of the above mentioned. A monopoly is defined
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ethylene utilization of 90% is no longer a high probability in 2014. Demand continues to lag historical trends‚ and we do not envision a positive inflection. After two weak years‚ Chinese data are improving against soft comps‚ while developed markets’ decelerating demand or outright declines continue. We now forecast peak utilization of ~89% in 2016 vs. our prior forecast of 90% in 2014. We expect utilization rates to decline thereafter due to increased supply from the US‚ China‚ and the Middle
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Zehrs Markets From Wikipedia‚ the free encyclopedia (Redirected from Zehrs) Jump to: navigation‚ search Zehrs Type Public Founded Kitchener‚ Ontario‚ 1950 Headquarters Ontario‚ Canada Industry Supermarket Products Presidents Choice Website www.zehrs.ca Zehrs Markets‚ or simply Zehrs‚ is a chain of grocery stores located in southwestern Ontario‚ Canada. The chain contains over sixty locations and is a part of Loblaw Companies Limited. The first store was started by Emory
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