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Essay / Research Paper Abstract
This 10 page paper examines the global oil market, looking at the structure of the market and the way that prices are determined. Influences on those prices, including the role of supply and demand and how OPEC controls the supply to control the price are discussed and the importance of oil prices along with the impact an increase in oil prices can have on the global economy is also examined. The bibliography cites 6 sources.
Page Count:
10 pages (~225 words per page)
File: TS14_TEoilmkt.rtf
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Unformatted sample text from the term paper:
to most economies. Their may be many producers, but the structure is unusual, it was one of competition in the past, but has moved to one of monopoly and then
to oligopoly as more nations have become oil producing. OPEC is a controlling organisation that changed the structure of the industry. OPEC is
a voluntary organisation which was founded in 1960 to develop and co-ordinate the policies of its different members so that the industry could act and react in a unified and
uniform manner (OPEC, 2003). The perception of the organisation has been seen as some as a cartel which puts self interest first and by others as a trade organisation which
has both the interests of consumers and investors at heart. The public perception is that the organisation is in the interests of the global
economy (OPEC, 2003). OPEC can control oil production so as to ensure that it is stable and continues so that no economy is subjected to fluctuating petroleum prices with the
uncertain effect that it will have (OPEC, 2003). In addition to this it also has the responsibility of making sure that those who invest in the oil industry get a
fair return on their capital (OPEC, 2003). Here the stability that was not present prior to its inception can be seen as giving
stability in the business environment, making planning simpler and reducing the level of competition so that the producers will not all be in competition with each other, resulting in the
ability for those who have invested in the oil fields and oil production to benefit from that investment. It is also worth noting
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