1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
borishaifa [10]
3 years ago
11

How does OPEC actions impact the oil prices around the world especially on “WTI Crude” & “Brent Crude”? And why?

Social Studies
1 answer:
juin [17]3 years ago
3 0

Answer:

The OPEC member countries control a large percentage of the world's oil production which gives them a lot of power to affect world oil prices.

Explanation:

OPEC with a total number of 14 members at present produces about 40 percent of the world's crude oil. Therefore, OPEC actions do affect international oil prices because of the size of the market share the collective controls. However, there are also oil sources beyond the OPEC states. For example, Brent Crude refers to oil that is produced in the Brent oil fields and other sites in the North Sea.  WTI is the benchmark crude for North America. WTI is better suited to the production of gasoline while Brent oil favors diesel fuel production.  Because together OPEC holds three-quarters of the world's conventional oil reserves and has the world's lowest barrel production costs, it can influence world oil prices and supply by deciding to either produce more or less barrels. If OPEC lowers production the price of oil increases because Brent and WTI have to make up the difference, and their production prices are higher. However, OPEC's ability to affect prices is changing with Canada, China, Russia and the United States increasing their own output in recent years.

You might be interested in
Which situation would be considered an example of the freedom of association?
Sergeeva-Olga [200]

The following situation would be an example of freedom of association:

C.) Homeowners in a local neighborhood deciding to schedule monthly potluck dinners.

Freedom of association is a voluntary informal gathering wherein one can choose to come and go as they please.

7 0
3 years ago
Read 2 more answers
Mayflower compact is frost governing documento of plymouth colony false true​
WINSTONCH [101]
It is false because it isn’t true
5 0
2 years ago
The principle of legality holds that a(n) ________ law, which holds someone legally responsible for acts committed before the la
8_murik_8 [283]

ex post facto . . . . .  . . . . .  .  . . . . . .


8 0
3 years ago
This was the first group of people from China that we know had written records, and they sometimes wrote messages on bronze jars
Alexeev081 [22]
The answer is a the zhou ,............
3 0
3 years ago
1. In your opinion, what are the similarities and differences from when these videos were filmed in the early
mojhsa [17]

Answer:

to show that we are getting better at life for every one.

I have a good day

Explanation:

7 0
3 years ago
Other questions:
  • Can you hold more than one driver's license
    8·1 answer
  • Why was the Cumberland Gap important to westward expansion?
    14·2 answers
  • To study interaction between prison guards and inmates, a sociologist lived at a prison for several months. Only the warden and
    8·1 answer
  • What was th economy in Plymouth
    8·1 answer
  • Mrs. Orlof teaches two history classes, one in the morning and one in the afternoon. Yesterday she gave the same test to both cl
    9·2 answers
  • 29. Any driver under 21 with a breath or blood alcohol level of .05 or higher is required to attend a substance abuse course; an
    10·1 answer
  • Polymorphism is made possible through ________________ a. static binding b. dynamic binding c. initialization d. messaging e. in
    8·2 answers
  • What events led to the General Agreement on Tariffs and​ Trade? Why did the World Trade Organization eventually replace​ GATT? A
    5·1 answer
  • Please awnser question in photo need fast
    7·1 answer
  • An elementary teacher is beginning a unit on citizenship and democratic responsibility. in order to promote successful learning,
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!