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Essay / Research Paper Abstract
This 14 page paper discusses OPEC behaviors and comments on economic theories in relation to those behaviors. Data regarding market share and production are included. The dominant role of Saudi Arabia is also discussed. The impact price spikes and supply fluctuations have on the economy of nations who import large quantities of OPEC oil is discussed. The writer concludes with recommendations for policies and/or actions the United Kingdom or other countries might adopt to curb the monopolistic nature of OPEC and to deal with the uncertainties associated with oil supply and prices. Bibliography lists 15 sources.
Page Count:
14 pages (~225 words per page)
File: MM12_PGopecuk.rtf
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Unformatted sample text from the term paper:
entity, they are illegal in a number of nations including the United States. Within a nation, cartels fall under the antitrust laws, which prohibit monopolies and price-fixing among members of
an industry. In fact, recently, the U.S. Congress introduced a bill that would require the president to file a case against OPEC through the World Trade Organization, "for restricting oil
production and colluding to raise prices" (The Oil Daily, 2004, p. ITEM04190014). Graeme Samuel, who is the chairman of the Australian Competition & Consumer Commission, said that cartels are
a " cancer on the economy" (Needham, 2004, p. NA). OPEC The Organization of Petroleum Exporting Countries (OPEC) has been described and identified as a monopoly, an
oligopoly, and a cartel in the literature (Alhajji and Huettner, 2000). The Organization of the Petroleum Exporting Countries was founded in 1960 "for the purpose of negotiating with oil companies
on matters of petroleum production, prices, and future concession rights" (Wikipedia, 2004). Whatever we call it, OPEC is an entity that controls oil prices and regulates production primarily by setting
production quotas for each of its member states (Wikipedia, 2004). OPEC began with five countries as members, it now has eleven. The founding members are Iran, Iraq, Kuwait, Saudi Arabia
and Venezuela; added since then are Algeria, Libya, Nigeria, Qatar, United Arab Emirates and Indonesia (Wikipedia, 2004). Many people think only Middle East states belong to OPEC but as this
list reveals, that is not true. Together, the member countries "hold about 75% of the worlds oil reserves, and supply about 40% of the worlds oil" (Wikipedia, 2004). One interesting
fact is that sales of oil in the world are dominated by U.S. dollars (Wikipedia, 2004). Thus, currency exchange rate plays a significant role in OPECs decisions about prices and
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