Case Study: Organization of Petroleum Exporting Countries (OPEC) (AQA A-Level Geography): Flashcards
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Full name of OPEC
Full name of OPEC
Organization of Petroleum Exporting Countries
Number of OPEC member countries
Number of OPEC member countries
13
Definition of a cartel
Definition of a cartel
Producers controlling supply to influence price
How OPEC influences oil markets
How OPEC influences oil markets
Sets production quotas to restrict supply
Oil fields developed due to 1970s OPEC crisis
Oil fields developed due to 1970s OPEC crisis
Alaska and North Sea
Main cause of 2014-15 oil price collapse
Main cause of 2014-15 oil price collapse
Increased US shale oil production
Year Ecuador withdrew from OPEC
Year Ecuador withdrew from OPEC
2020
What is OPEC+?
What is OPEC+?
OPEC working with non-OPEC producers like Russia & Mexico
2020 production cut amount (barrels/day)
2020 production cut amount (barrels/day)
9.7 million barrels per day
OPEC's % of global proven oil reserves (2018)
OPEC's % of global proven oil reserves (2018)
79.4%