By Ruth
1. What is the world oil market?
The oil prices of the market are influenced by supply and demand, and all of this is influenced on economic expansion in developing countries. The problem in this is that many counties, including the US, are dependent on other countries resources to get their oil, so a problem or war in a country could, will, and has created a big problem in the oil trading industry.
2. What kind of oil is most valuable?
Oil is traded around the world generally measured in barrels of light sweet crude oil - basically petroleum with less than 0.5% sulfur. It contains small amounts of hydrogen sulfide and carbon dioxide. This type of oil is used to make gasoline and is the oil that is most in demand currently. (It's called "sweet" because it low level of sulfur provides the oil with a mildly sweet taste and a more pleasant smell.)
2. What kind of oil is most valuable?
Oil is traded around the world generally measured in barrels of light sweet crude oil - basically petroleum with less than 0.5% sulfur. It contains small amounts of hydrogen sulfide and carbon dioxide. This type of oil is used to make gasoline and is the oil that is most in demand currently. (It's called "sweet" because it low level of sulfur provides the oil with a mildly sweet taste and a more pleasant smell.)
3. What is OPEC?
Opec is The Organization of Petroleum Exporting Countries. This is an organization made up of all the oil-exporting countries. The counties that made up OPEC are listed below:Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Qatar, Indonesia, Libya, the United Arab Emirates, Algeria, and Nigeria. These states alone control more than 2/3 of all the world's oil reserves - that's 40% of all US oil imports. OPEC tries to influence the global price of oil by setting production quotas. If importers complain about the prices OPEC will find other buyers --- so basically, OPEC controls everything having to do with oil, and if you disagree with anything OPEC does, you're out of oil.
Opec is The Organization of Petroleum Exporting Countries. This is an organization made up of all the oil-exporting countries. The counties that made up OPEC are listed below:Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Qatar, Indonesia, Libya, the United Arab Emirates, Algeria, and Nigeria. These states alone control more than 2/3 of all the world's oil reserves - that's 40% of all US oil imports. OPEC tries to influence the global price of oil by setting production quotas. If importers complain about the prices OPEC will find other buyers --- so basically, OPEC controls everything having to do with oil, and if you disagree with anything OPEC does, you're out of oil.
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