Free Essays on Oil to Get Inspired & Learn by Example

Importance and Influence of OPEC

Introduction
Organization of Petroleum Exporting Countries (OPEC) is an international organization of petroleum producer and exporter nations. Currently the organization has a share of forty percent in the international oil market and substantially impacts the market by reducing or increasing production and prices of crude oil. OPEC sets annual targets of production of crude oil for its members every year. OPEC ensures smooth supply of petroleum to consumers and at the same time, it also procures the monetary interests of petroleum producing countries. OPEC also has a responsibility towards investors who invest in the ventures of OPEC in different Continue reading...

Relevance of the topic is determined, above all, by the significance of OPEC in international economic relations and the history of its activity. The member countries of the organization account for 40% of oil supplies to the world market and about 78% of proven oil reserves, which is why their influence on the oil prices cannot be denied. However, the global oil market in the XXI century is not monopolized to such an extent, as was the case in the recent past.
Today it is appropriate to talk about an oligopolistic market with the presence of supply-side along with Continue reading...

Analysis on the Article ‘Who Will Rule the Oil Market?’ by Daniel Yergin

Summary
Most people wonder why the price of fuel has steeply declined. In the past, one would expect that after a few price drops, the price would bounce back usually more than what it has marked down. However, today, the expected bounce back is not happening. Today, fuel prices are unusually low. While everyone is quite happy with the declining price of fuel, the oil industry is experiencing a disruptive scenario. In the midst of an unusually low oil prices, Daniel Yergin offers an explanation and a predicament of who will benefit most from the seemingly remarkable oil price Continue reading...

Background of the company:

British Petroleum is a London based multinational petroleum company which was founded in 1908. According to the history of the British Petroleum the oil was founded in rugged part of the Persia. The oil had been discovered after the very difficult and long research. Currently British Petroleum is operating its business in many of the countries of Europe, Asia Pacific, America, Africa and Middle East (BP, 2015a). The major job of the British Petroleum is to find and extract the oil and gas in order to produce fuels, lubricants and petrochemicals. Moreover, British Petroleum has a strong long term Continue reading...

The most exciting story in the world of energy continues to be the low price of oil in the global market. As consumers flock to the gas pumps for prices slightly up from under $2, the repercussions are felt in the countries that produce oil like Russia, Venezuela, and others (Plumer, 2015). Many people wonder why the price of oil plummeting and why it’s staying so low. In June of last year, Brent crude went for about $115 per barrel. In January 2015, the price had dropped by over 50 percent to $49 per barrel.
The price of Continue reading...

[Institution Affiliation]
Control oil and rule the world. Oil is considered one of the most vital and essential commodity in the world today and the countries producing oil are considered so powerful since there are very many countries depending on them. Oil is used in almost every area in the running of the world. From the oil, energy through fuel is produced. The fuel is key in all the aspect of the day-to-day running of a country majorly in the transport sector, industries and mining not forgetting the agricultural sector. For this reason, the oil producing countries have the Continue reading...

(Professor/Instructor)

Recently, President Barack Obama cited numerous ecological and fiscal protests against the building of the Keystone XL Pipeline facility. The proposed $5 billion facility is projected to transport more than 800,000 barrels of oil a day from Alberta, Canada south through the United States and onto the Gulf of Mexico. The construction and operation of the facility is expected to generate and sustain approximately 40,000 jobs. It must be noted that the debate regarding the Keystone facility resembles that of another highly charged environment related project, the Trans-Alaska pipeline facility (Moore, Griffith 1).
After the discovery Continue reading...

Just as any other energy resources play a pivotal role as means of economic development, negotiations, and political pressure, so too does oil; still, when the price for Golden Gold plummets for a number of economic and political reasons, its versatile role becomes marginal. Some countries stand to lose following the decrease while others are in line for a windfall. Venezuela and Russia, countries with extraction economies, known for the paradox of plenty or resource curse, suffer the most, as do transit countries receiving profits for having oil transferred through their territory. Extraction economies are dependent on oil revenues, Continue reading...

Undersea oil drilling is also known as offshore drilling. It is the process of extracting oil from a known oil deposit hundreds to thousands of kilometers under the sea towards the ocean floor. This is commonly done miles away from shore and from the continental shelf to the sea floor depending on the results of tests being done by oil or drilling companies (Dragani and Kotenev, Deepwater Development: What Past Performance Says About the Future”)
Although difficult to extract than land based oil extractions, undersea oil drilling is now a common way of getting oil out for production and Continue reading...

OPEC cartel has struck the oil fair for close to four decades. An unbalanced cartel signifying the welfares of the key oil exporting countries, OPEC has at intervals been operative in driving up the oil price and, thus, permitting the export states to obtain a noteworthy premium netted by national oil firms on behalf of their potentates. Regularly, this implies a transfer of prosperity from oil consuming states to oil-producing countries tallying hundreds of billions of money in terms of dollars compared to what the contending market price of oil would propose. Once the cartel has nosedived in its Continue reading...