Scribd Logo
Upload

Welcome to Scribd!

  • Members of OPEC

    Uploaded by

    Carrie Sanders
    6 views3 pages
    OPEC members include 14 major oil producing countries that collectively produce over 98% of the world's oil. While production has peaked in countries like the US and Russia, Saudi Arabia is poised to overtake the US as the second largest oil producer. There are significant benefits to being an OPEC member country, including lower costs of exploration and development, an ability to expand production, and exporting a majority of domestically produced oil compared to non-OPEC countries exporting only 38% of their production.

    Original Description:

    economies of cale

    Original Title

    eco ppt

    Copyright

    © Attribution Non-Commercial (BY-NC)

    Available Formats

    PPTX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    OPEC members include 14 major oil producing countries that collectively produce over 98% of the world's oil. While production has peaked in countries like the US and Russia, Saudi Arabia is poised to overtake the US as the second largest oil producer. There are significant benefits to being an OPEC member country, including lower costs of exploration and development, an ability to expand production, and exporting a majority of domestically produced oil compared to non-OPEC countries exporting only 38% of their production.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    6 views3 pages

    Members of OPEC

    Uploaded by

    Carrie Sanders
    OPEC members include 14 major oil producing countries that collectively produce over 98% of the world's oil. While production has peaked in countries like the US and Russia, Saudi Arabia is poised to overtake the US as the second largest oil producer. There are significant benefits to being an OPEC member country, including lower costs of exploration and development, an ability to expand production, and exporting a majority of domestically produced oil compared to non-OPEC countries exporting only 38% of their production.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 3

    Members of OPEC

    Unequal division of oil petroleum among


    182 countries.

    42 countries produce 98% oil in the world. 14 countries out 0f 42 pass their production
    peaks. e.g. Russia, USA- 4.62Gb/yr and 4.12Gb/yr respectively.

    Saudi Arabia may soon exceed US and grab the second position.

    Exhibit- III
    Nation Peak Year 1970 2005 1987 1974 Oil production Gb/yr Peak USA
    Venezuela *

    RR Nation/ RR 42 nation 6.1% 5.6% 11.3% 7.1%

    1997 3.01 1.23 2.70 1.36

    2040 0.42 0.79 1.40 0.85

    4.12 1.47 4.62 2.21

    FSU Iran*

    Iraq*
    S.A.* Syria

    2010
    2011 1995

    1.90
    3.92 0.22

    .44
    3.42 0.21

    1.08
    2.04 0.04

    7.3%
    16.3% 0.5%

    Benefits of being OPEC member


    Oil produced by OPEC countries is majorly exported, whereas

    Non OPEC countries export 38% of their oil produced.


    Average cost of exploration and development of oil reserve in

    Non OPEC country is $5.1/ barrel, whereas in a OPEC country it is $2.2/barrel.


    Non OPEC countries produce oil to their full capacity- cannot

    expand, whereas OPEC can expand.

    You might also like