April 2018
Intermediate to advanced
170 pages
4h 26m
English
Content preview from A Profile of the Oil and Gas Industry, Second Edition
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
Start your free trial
In this industry, radical actions by either producers or consumers can have unpredictable consequences. The oil and gas industry is easily influenced by global economic and political conditions. In response to the volatility in basic supply and demand, the Organization of Petroleum Exporting Countries (OPEC) was created in 1960. OPEC’s main goal is to ensure stabilization of prices in the international oil markets. In 1974, the United States organized the western consuming nations in a united front against OPEC with the organization of the International Energy Agency (IEA). Member nations were called upon to reduce their reliance on Middle East oil and thereby have a greater influence on the price of oil.
This chapter ...