Gadim Valiyev

What is OPEC ?

• The Organization of the Petroleum Exporting Countries is a permanent intergovernmental organization of 12 oil exporting developing nation

• OPEC Was formed at the meeting held on September 14,1960 in Bagdad Iraq by 5 countries (Iran,Iraq,Kuwait,Saudi Arabia,and Venezuela

• Headquarters : Vienna Austria

• President : Bijan Namdar

• Official language: English

• 12 member countries

Aim of OPEC

• OPEC’S Mission is to coordinate unify the Petroleum policy of Members Countries

• Ensure the Stabilization of Oil Price

• Regular Supply to Petroleum to Consumer

• Fair Return on Capital to those investing in the Petroleum industry

Oil Price

• U.S dollar is the unit of Oil sale

• The Price of Barrel of Oil is the result of a number competing factors

• How much is oil available ?

• How munch oil is demanded by consumers?

• How much is it cost to get oil from ground to consumers

• The price of Dollars and the potential that oil speculators see for the price to rise and fall

Oil Price in 2014

Gasoline or Petrol

• Petrol is a transparent, petroleum-derived liquid that is used primarily as a fuel in internal combustion engines

• It consists mostly of organic compounds obtained by the fractional distillation of petroleum

1litr of Gasoline – 0.01 $ in Venezuela 2.23$ in Norway 2014 November 24

What is Petroleum products and Petroleum

• Petroleum products are produced from the processing of crude oil at petroleum refineries and the extraction of liquid hydrocarbons at natural gas processing plants.

. Petroleum is the broad category that includes both crude oil and petroleum products. The terms "oil" and "petroleum" are sometimes used interchangeably.

References

• http://www.opec.org/opec_web/en/

• http://www.bbc.com/news/business/market_data/commodities/143908/default.stm

• http://www.ceoe.udel.edu/oilspill/crudeoil.html

• http://www.eia.gov/tools/faqs/faq.cfm?id=40&t=6

• http://www.businessinsider.com/us-dollar-oil-prices-correlation-2014-10

• http://www.globalpetrolprices.com/gasoline_prices/