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Oil and Regional Dependence

2 Pages

Course Code
GEOG 216
Geraldine Akman

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Oil and Regional DependenceRole of oil in the world economy importanceimpactsProductionconsumption globally importsexportsOil reservesContext for oil supply OPEC state companies major oil companiesOPEC Organization of Petroleum Exporting Countries International cartel of major oilproducing natsCartel small grp of rival producers that decide to act together as a single seller formallerinformally legallyillegally Context for oil demand OECD countries NICsOECD Organization of Economic Cooperation and Development Promotes economic growthfinancial stability amongst early indusz natsInfluences on oil prices EICs early indusz countries NICs newly indusz countries LICs least indusz countriesOil Most important traded item internationally by volumetrade Great source of econpoli powerBc revenues 1 can attain frexporting oil Bc of amount of debt you can incur due to large imports of oil Major energy source for transport heatingcooling production processesCan be used a raw material for manufacturers ex plasticsMore than 50 of primary products that are trade
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