2 OPEC (Organization of Petroleum Exporting Countries) OPEC was formed in 1960 and is a permanent inter-governmental organization, currently made up of 12 oil producing and exporting countries, spread across three continents: South America, Asia, and Africa.
3 Which countries are current members of OPEC? 12 - Algeria, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, Venezuela, & Angola (new !) (Indonesia suspended its membership in Jan ‘09 and Gabon is a former member)
5 OPEC’s Principle Objectives 1. To coordinate and unify the petroleum policies of the Member Countries and to determine the best means for safeguarding their individual and collective interests.2. To seek ways and means of ensuring the stabilization of prices in international oil markets, with a view to eliminating harmful and unnecessary fluctuations.3. To provide an efficient economic and regular supply of petroleum to consuming nations and a fair return on capital to those investing in the petroleum industry.
6 2/3 of the world’s oil is located in the Middle East (most located along the Persian Gulf and in Iraq)Oil is sold throughout the world and many nation’s economies depend on the oil marketMoney from oil used to build roads, schools, hospitals, airports, & houses in MEUsed money from oil to provide water to desert areas
7 How much oil is in the world? At the end of 2012, world proven crude oil reserves stood at 1,477 billion barrels, of which 1,200 billion barrels, or 81 percent, was in OPEC member countries (66 percent in the Middle East).
9 How much oil does the world consume each day? According to the reference case of OPEC's World Energy Model (OWEM), total world oil demand in 2006 is put at 84.7 million barrels per day (42 gallons in a barrel). As world economic growth continues, crude oil demand will also rise to 96.1 million barrels per day in 2015, million barrels per day by 2020, and million barrels per day by 2030 according to OPEC's “World Oil Outlook 2008” reference case figures.
10 What is crude oil and what are some everyday uses of oil? Crude oil is a naturally-occurring dark, sticky liquid substance found in certain rock formations in the earth.To extract the maximum value from crude oil , it first needs to be refined into petroleum products. The best-known of these is gasoline (petrol). However, there are many other products that can be obtained when a barrel of crude oil is refined. These include kerosene and fuel oil. Other useful products which are not fuels can also be manufactured by refining crude oil, such as lubricants and asphalt (used in paving roads). A range of sub-items like perfumes and insecticides are also ultimately derived from crude oil.Furthermore, several of the products listed above which are derived from crude oil can be used as inputs in the production of petrochemicals. The main groups of petrochemical end-products are plastics, synthetic fibers, synthetic rubbers, detergents and chemical fertilizers.
11 Which countries have the largest proven reserves of crude oil according to CIA World Factbook (2013)?CountryCrude oil reserves (billion barrels)Venezuela297.6Saudi Arabia267.9Canada173.1Iran154.6Iraq141.4States&countrycode=us®ionCode=noa&rank=14#us
12 Which countries in the world PRODUCE the most oil according to the CIA World Factbook (2013)? Country Crude oil production (1,000 b/d)Saudi Arabia 11,730United States 11,110Russia 10,400China 4,416Canada 3,856States&countrycode=us®ionCode=noa&rank=2#us
13 Will oil run out?Oil is a limited resource, so it may eventually run out, although not for many years to come.At the rate of production in 2011, OPEC's oil reserves are sufficient to last more than 109 years, while non-OPEC oil producers' reserves might last less than 19 years. The worldwide demand for oil is rising and OPEC is expected to be an increasingly important source of that oil.If we manage our resources well, use oil efficiently and develop new fields, then our oil reserves should last for many more generations to come.
14 Compute how many barrels of oil your family uses? Oil ActivityCompute how many barrels of oil your family uses?1 barrel = 42 gallonsThe average person in US consumes 22 barrels each year.1 person = 22 barrels