The Market for Oil and Gasoline
Question 1:
OPEC stands for the Organization of the Petroleum Exporting Countries. OPEC's eleven member countries include Venezuela, Algeria, Libya, Nigeria, Saudi Arabia, The United Arab Emirates, Qatar, Kuwait, Iraq, Iran, and Indonesia. In the fourth quarter of 2003 OPEC will produce 30.5 million barrels per day of the worlds projected total of 79.9 million barrels per day giving OPEC thirty-eight percent of the world's total production. The United States will produce 9 million barrels per day in the fourth quarter of 2003, which is 11 percent of total global production. In addition to OPEC and the United States many other countries produce oil. Canada and Mexico are the other major producers in North America, producing 4 and 4.5 percent of the global totals, respectively. The North Sea is the lone major producer in Europe contributing 8 percent to the global total. Asia's major non-OPEC producers are China, producing 4 percent of the......
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Approximate Word Count: 1832
Approximate Pages: 8 (260 words per double-spaced page) |