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Who is OPEC
An Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. -
The Rise of Oil Prices
The rise of these oil prices made their revenues from crude oil became more linked to the actual market price for refined oil. In October 1973, six Persian Gulf members of OPEC met and raised the amount they charged the oil companies. After OPEC's first large price increase at the end of 1973, many economists, political scientists, journalists, and other self-proclaimed seers turned out article after article on OPEC. Each explained why OPEC was or was not a cartel, why it was or was not about to -
The causing of Chaos in Libya and Iraq over oil
Crude climbed 1.8 percent in London and 1.4 percent in New York. A spokesman for Libya’s National Oil Corp. said over the weekend that it will stop pumping at all fields if authorities fail to contain attacks that endanger workers. This is showing that the prices keep going up and people are getting mad and that they had to come to a consenses on why they are doing it. Futures dropped almost 50 percent last year as the U.S. crude output surged and the Organization of Petroleum. -
More producing of oil
OPEC is forecasting a sharp rise in demand for its crude oil in 2015 along with slower production in the US and other non-OPEC countries. Lower oil prices will lead to a slowdown in US shale production and a cut in capital spending.The demand for OPEC crude will rise by 400,000 barrels per day in 2015 to 29.2 million barrels, the Organization of the Petroleum Exporting Countries. This is also showing how the past has influenced them to make more oil barrels to become welthier. -
Essential Question
The past has determined the of define Sothwest Asia as a welthy area because it has the reasons in the past, like the OPEC, It had a huge impct on the region by all the exporting of Petroleum and having a well resourceful area. Also the past has defined it because all these organizations had changed the name of the Middle east to SOuthwest Asia. -
How it benefits the people
Cars were becoming bigger and thirstier and air travel was more affordable for the masses. At the time, a prominent Western Prime Minister declared: “We’ve never had it so good!” He was not far wrong, but, of course, he was referring to how the richer part of the world lived. In the poorer regions – and home to the vast majority – many countries were breaking free from colonialism and gaining independence. In reality, however, most of these states had little choice but to maintain their lifestyl