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Category: Business and Industry
Date Submitted: 09/22/2014 01:51 PM
Organization of Petroleum Exporting Countries
BUSI-604
OPEC
Key Term And Why You Are Interested In It
The subject that I have chosen is Organization of Petroleum Exporting (OPEC). I found the organization appealing because of the power that OPEC has over the world’s economy. We all have personally seen and experienced how the change of oil prices due to supply and demand speculations have affected the prices of gas, products, and services. I would like to learn more about the organizations and decipher some of those speculations for myself.
Explanation Of The Key Term
OPEC's primary function is to help member countries coordinate oil production in an effort to stabilize the oil market while achieving a reasonable return on oil investment. (Satterlee, 2014, p.195)
“The Quest for Oil in the New World Order” Summary
Rudy Soliz examines our supply and demand for oil, in order to provide a better insight on the world’s availability of oil supply. Her primary focus of research is on the cause of the world’s economy with the interruption of oil supply, OPEC’s and Saudi Arabia impact on quality of life due to oil supplies, and the fundamental question “are we running out of oil?”. (Soliz, 2006)
In her research she interviews five experts of the oil industry Joe Barnes, Researcher, Rice University, Lynn Cook Houston Chronicle Energy Editor James Baker III, and Institute for Public Policy, Eddie Habibi President and CEO, PAS, Jim Hackett, CEO Anadarko, and Matthew Simmons, Chairman Simmons & Company. In which they were asked to answer six basic questions on the oil industry. 1. In 1973 Arab oil embargo caused a global economic inflation that led to a world-wide recession. Is their fear of another “embargo” driven by OPEC or other world events? 2. Should international institutions be called upon to coordinate strategies in response to a variety of future global energy problems? 3. How do the US and the world prepare for greater...