Energy Supply Players

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  • Energy Supply players
    • Oil and economies
      • In 2008, oil prices surged upwards, the dollar slumped, employment rised to its highest point in 20 years and Wall Street stocks shares plumeted
      • It went from under $100 per barrel in January to $140 in May
      • The UK and US urged OPEC countries to increase production to decrease global prices
        • Saudi Arabia did increase oil production to an extra million barrels of oil a day
          • However, SA warned that increasing supply does not solely decrease oil prices and that "spectators" who predict the prices of oil also play a large role
    • OPEC
      • Organisation of the Petroleum Exporting Countries or Oil Production and Exporting Countries
      • Their objective is to co-ordinate petroleum policies amongst its members to ensure fair and stable prices for producers, an efficient, economic and regular supply to consumer nations and a fair return on capital for those investing in the industry
      • it was formed in 1960 to protect the intersts of oil producing countrie, they were once controlled by TNC (mainly US) who controled the prices of oil, thes countries wanted their own control over their oil that was on their land, some feel they have formed an oil cartel
    • OPEC's role in energy supply
      • OPEC sets oil production quotas for its members in response to economic growth rates and demand and supply, if demand increase they increase supply
      • OPEC members have over 900,000 million barrelsof crude oil (78% f the worlds total reserves) and produce about 45% of the worlds oil and 25% of its gas

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