As winters had approached US, the cold climate is giving rise to demand of oil as well its price. Oil is used as a major heating fuel, especially in the cold regions of U.S. Therefore when there is rise in demand and decrease in supply it is obvious..
Year before it was forecasted by OPEC that oil will reach up to $76 a barrel, but it was inverse as they were expecting. Instead of rise the price went down to $58.74 yesterday.
Due to such unexpected changes, OPEC members have decided to lower down...
OPEC has decided to cut down its output by millions of barrels per day. Presently the decision is under consideration. Such steps are taken to maintain difference between what the world consumes and what it is able to produce. Main aim of OPEC is to...
To overcome the oil crises and monopoly of OPEC one should know that there are 71 million barrels of oil waiting to be discovered in the deep water of mexico sea. There are another 85 billions barrels off coast of N.Africa and the water that...
We now come to the events that led to the current problems for OPEC. Remember when looking at this problem that OPEC or any other cartel faces two problems in their attempts to control prices. The first problem is to determine the level of production...
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