What is OPEC? SS7G7; SS7G8.

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Presentation transcript:

What is OPEC? SS7G7; SS7G8

O__________________ of P___________________ E___________________ What is OPEC? O__________________ of P___________________ E___________________ C___________________

Organization________ of P___________________ E___________________ What is OPEC? Organization________ of P___________________ E___________________ C___________________

Organization________ of Petroleum___________ E___________________ What is OPEC? Organization________ of Petroleum___________ E___________________ C___________________

Organization________ of Petroleum___________ Exporting___________ What is OPEC? Organization________ of Petroleum___________ Exporting___________ C___________________

Organization________ of Petroleum___________ Exporting___________ What is OPEC? Organization________ of Petroleum___________ Exporting___________ Countries___________

OPEC.org OPEC’s Objective:

OPEC.org OPEC’s Objective: Unify the petroleum policies if its Members and make sure the oil market is stable for producers, suppliers, consumers, and investors.

OPEC.org List all of the members of OPEC that are located in SW Asia (Middle East) Iran

OPEC.org List all of the members of OPEC that are located in SW Asia (Middle East) Iran Iraq

OPEC.org List all of the members of OPEC that are located in SW Asia (Middle East) Iran Iraq Kuwait

OPEC.org List all of the members of OPEC that are located in SW Asia (Middle East) Iran Iraq Kuwait Qatar

OPEC.org List all of the members of OPEC that are located in SW Asia (Middle East) Iran Iraq Kuwait Qatar Saudi Arabia

OPEC.org List all of the members of OPEC that are located in SW Asia (Middle East) Iran Iraq Kuwait Qatar Saudi Arabia United Arab Emirates

OPEC.org What does this objective really mean?

OPEC.org What does this objective really mean? They control how much oil is produced and how much it costs.

OPEC.org

OPEC.org How does OPEC “stabilize” the market price of oil?

OPEC.org How does OPEC “stabilize” the market price of oil? They increase or decrease production as necessary, which in turn affects prices.

OPEC.org

Price Fixing Definition: setting prices at a level that producers and distributors can agree on.

Price Fixing *1 gal = 3.7 liters