Search results
Results from the WOW.Com Content Network
The differing economic needs of OPEC member states often affect the internal debates behind OPEC production quotas. Poorer members have pushed for production cuts from fellow members, to increase the price of oil and thus their own revenues. [ 110 ]
Such use of the economic weapon of oil embargo in the struggle against Israel had been regularly proposed at Arab Petroleum Congresses, but it took the Six-Day War for the embargo to happen. However, Saudi Arabia's oil production was up by 9% that year, and the main embargo lasted only ten days and was completely ended by the Khartoum Conference.
Especially during the years 1974–1981 and 2005–2014, oil exporters amassed large surpluses of "petrodollars" from the sale of oil at historically high prices. [1] [2] [8] (The word has been credited alternately to Egyptian-American economist Ibrahim Oweiss and to former U.S. Secretary of Commerce Peter G. Peterson, both in 1973.) [9] [10] [11] These petrodollar surpluses could be described ...
However, beginning in late 1997, Saudi Arabia again faced the challenge of low oil prices. Because of a combination of factors—the East Asian economic crises, a warm winter in the West caused by El Niño, and an increase in non-OPEC oil production—demand for oil decreased and pulled oil prices down by more than one-third. [49]
From 2004 to 2014, OPEC was setting the global price of oil. [66] OPEC started setting a target price range of $100–110/bbl before the 2008 financial crisis [30]: 10 —by July 2008 the price of oil had reached its all-time peak of US$147 before it plunged to US$34 in December 2008, during the financial crisis of 2007–2008.
A Crude Awakening: The Oil Crash explores key historical events, data and predictions regarding the global peak in petroleum production through interviews with petroleum geologists, former OPEC officials, energy analysts, politicians, and political analysts. The film contains contemporary footage interspersed with news and commercial footage ...
Despite this, Nigeria remains the largest crude oil producer in Africa. The country has struggled to meet its OPEC production quota and 2024 budget benchmark, which could impact revenue. However, crude oil prices have increased, offering some consolation. The decline in production may also lead to a reduction in Nigeria's OPEC quota.
Production sharing agreements (PSAs) or production sharing contracts (PSCs) are a common type of contract signed between a government and a resource extraction company (or group of companies) concerning how much of the resource (usually oil) extracted from the country each will receive.