GEOG 216 Lecture : Oil and Regional Dependence
23 Nov 2012
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Document Summary
Role of oil in the world economy (importance + impacts) Context for oil supply (opec, state companies, major oil companies) Cartel: small grp of rival producers that decide to act together as a single seller, formaller/informally, legally/illegally. Oecd: organization of economic cooperation and development. Promotes economic growth + financial stability amongst early indusz nats. Eics (early indusz countries), nics (newly indusz countries), lics (least indusz countries) Most important traded item internationally by volume + trade. Great source of econ + poli power. B/c of amount of debt you can incur due to large imports of oil. Can be used a raw material for manufacturers (ex: plastics) Major energy source for transport, heating + cooling, production processes. More than 50% of primary products that are trade = oil. Me, exports far more oil than it imports, same w/afr, commonwealth of indepen states (nats.
