World Oil

With the human beingss increasing demand for petroleum there ar not enough countries supplying oil to meet these demands. rectify now the countries who export the most oil are Saudi Arabia, Angola, Iran, Russia, Oman, Yemen, Sudan, Congo, Indonesia and Equatorial Guinea(NYT 4/19/06). Saudi Arabia produces approximately 265 one million million tympan per year, Iran produces about 96 barrels, and Russia produces roughly 54 barrels a day (Aneki, 4/13/06). Compared to the populace realize consumers; China consume 38.95%, United States consuming 19.4%, Asia Consuming 13.8%, Canada consuming 4% and the United Kingdom consumes 3.4%. Our oil world is in general controlled by a union c aloneed OPEC, but not all of the worlds nations are part of this union (Oil Price add of 2004 and 2005, 4/13/06). The Organization of the Petroleum Exporting Countries, or OPEC, was founded in mid September of 1960. They had their first initial convention in Baghdad from September 9th through the 14th. The five primary feather members were Saudi Arabia, Iran, Kuwait, Iraq and Venezuela. Since then six more nations have united this elite group; Algeria, Indonesia, Libya, Nigeria, Qatar, and United Arab Emirates (Danielsen pg 4). This group was formed to purpose pressure from major oil companies and to refrain from lowering the footing of oil to the producing countries (OPEC 4/21/06).

OPEC collects price data to take aim the average price for oil and use that to control the worlds oil market conditions. They as well meet on a regular basis to discuss prices and to set crude oil FitzGibbons 2 production quotas. For example the estimated the average price for a barrel of oil in 2005 as fifty dollars and seventy-one cents (Country depth psychology Briefing, 4/21/06). OPEC has about two-thirds of the nations oil. That is forty percent of the worlds production of oil. OPEC also exports about half of our nations oil. OPEC also helps with the currency discrepancy. The exchange of oil is all done in United... If you want to get a full essay, order it on our website: Orderessay

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