StudentShare solutions
Triangle menu

Answer the Economic Qustions - Essay Example

Nobody downloaded yet
Organisation of Oil Producing and Exporting Countries which has twelve members in total namely Saudi Arabia, Iraq, Iran, Kuwait, Qatar, United Arab Emirates, Venezuela, Ecuador, Libya, Nigeria, Angola and Algeria. It should be pointed out that OPEC countries are among the major oil producing and supplying nations, which enjoy almost over 65 per cent of world’s proven oil reserves, nearly of 40% total production and around 55 per cent in world’s oil exports (Breitenfellner et al, 2009). OPEC, having secretariat in Vienna, is referred to a cartel because of this members mutually decide about changes in their oil production and supply to nations worldwide. In addition, they opt to constrict supply to escalate international oil prices and thus reap additional profits on exports of crude oil. On the other hand, OPEC members, especially Saudi Arabia, have also increased supply in past (1992 Gulf war) to control shortages.
Oil demand has very low price elasticity or in other words, the inelastic demand because oil is used for energy generation, industries, transportation and cooking. Indeed, the oil supply also has very low price elasticity because it is difficult to extract, produce and refine as heavy plant machinery and investment is needed to accomplish these objectives. There were, indeed, many factors that led to first peak oil (crises in 2008) and finally in steep reduction in world oil prices. The first major reason was the fact that demand increased heavily due to growth in International trade after elimination of trade barriers and decrease in custom tariffs and duties. This not only led to growth and expansion in advance economies but also in developing nation of Asia, Middle East, Eastern and Central Europe, especially China, India, Pakistan, Malaysia, Indonesia, Saudi Arabia, Turkey, Thailand, Hungary and others etc. The world oil demand skyrocketed and touched 85 million barrel mark in 2007 – 2008. Oil then became expensive because buyers were ready ...Show more


Indeed, the downturn occurred due to reasons such as collapse of sub prime property mortgage scheme in USA and debacle of financial markets in USA, Britain…
Author : nreynolds
Answer the Economic Qustions essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Answer the Economic Qustions"
with a personal 20% discount.
Grab the best paper

Check these samples - they also fit your topic

Such advertising is a cheap option for businesses; it is easy for Google to distribute, but very profitable for the company. The fact that other individuals can also generate their money when other users click on their advertisements is a major draw for many investors and businessmen (Spencer).
2 pages (500 words) Essay
Shared managerial vision and understanding about the use of corporate GIS is fundamental to the success of the GIS project. Also, it is imperative that the vision of the organizational personnel, and most importantly, the managers, is consistent with the GIS vision.
12 pages (3000 words) Essay
Answer essay questions in your own words. Focus on keywords. A word limit for answering each essay question is indicated. Do not go over the maximum number or words specified. Multiple choice questions require calculations, using equations, in order to solve.
3 pages (750 words) Essay
Answer some qustions about the attached Artical: Beyond the critical period: Processing-based explanations for poor grammaticality judgment performance
( The modular approach predicts no such interaction ) A connection exists between the three factors (working memory capacity, decoding ability and speed of processing) and performance in tests involving grammatical processing, even in
3 pages (750 words) Essay
Answer questions essays ( to qustions each one should answer one page and half
They appoint good, committed staff members who carefully carry out all the specified tasks and make timely and appropriate recommendations. These are all good things but they do not necessarily bring about good results. The case study shows that the administrators and the
4 pages (1000 words) Essay
Analyse the difference between Economic Growth & Economic Development. What are the problems concerning measuring economic development Illustrate your answer using case studies
The term economic development is broader and more inclusive of the economic factors than economic growth. When a region experiences economic development, it implies that there is an improvement in the aspects that affect human welfare. Economic development is
4 pages (1000 words) Essay
Answe qustions in ethics policy adminstration
My duty towards law is to report public fraud or misconduct of any sort to the appropriate authority so that they can be brought under the purview of law. My responsibilities to my superiors are to follow their orders within the wider precincts
1 pages (250 words) Essay
Ansewring qustions
Why? Be sure to include some substantive text based information and to explain and evaluate your responses in a manner consistent with the explanations of these terms in the Instructions. Rationalists and empiricists have conflicting views within epistemology. The
4 pages (1000 words) Essay
people prefer investing or running a business in return for profits instead of taking salary as an employee and therefore franchising enables a business to acquire better and talented employee. Additionally, franchising may be a good way of obtaining expansion capital since the
3 pages (750 words) Essay
Gender and sexualities. Qustions
In this essay various theories, philosophies, social norms regarding sexualities and gender will be discussed. In the present scenario the idea and concepts of the people regarding gender are influenced by their professional world and social environment.
8 pages (2000 words) Essay
Hire a pro to write
a paper under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
Comments (0)
Click to create a comment
Let us find you another Essay on topic Answer the Economic Qustions for FREE!
Contact us:
Contact Us Now
  • About StudentShare

  • Testimonials

  • FAQ

  • Blog

  • Free Essays
  • New Essays
  • Essays

  • The Newest Essay Topics
Join us:
Contact Us