GMS 724 Chapter Notes - Chapter 7: Arab Spring, Exxonmobil
30 Jan 2019
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Chapter 7 - commodities and the world economy: part 2. The organization of the petroleum exporting countries (opec: the organization of the petroleum exporting countries (opec) is an example of a producer cartel that relies on quotas to influence prices. Angola, ecuador, iran, iraq, kuwait, libya, nigeria, qatar, saudi arabia, the united arab emirates, and venezuela. Indonesia suspended its membership in january 2009: opec is a producer"s alliance in oil that has been successful in using quotas to keep oil prices high. Output and exports: opec member countries produce about 42 percent of the world"s crude oil and. 15 percent of its natural gas: however, its oil exports represent about 580 percent of the oil traded internationally. In addition, opec has 79. 6 percent of the world"s oil reserves, with the. Arabia, the united states, china, and iran: sometimes opec policies work, sometimes they don"t.
