...1 INTRODUCTION Crude oil is a mineral oil. It is a mixture of hydrocarbons of natural origin and associated impurities, such as Sulphur according to Energy International Agency. Further explained, under normal surface temperatures and pressure, crude oil is exists in the form of liquid. It has highly variable physical characteristics such as density. Saudi Arabia, Russia, United States, China, and Canada are the top five oil producer countries (2013). As the producer, the countries are daily extracting sum of crude oil barrels through the process of drilling from their reserves. The top five oil consumer countries are United States, China, Japan, India, and Russia (2013). The consumptions are due to the aggressive economy advancement and the fast-paced growth of related industries. It is estimated that due to the current rate of consumption, the worldwide reserves will become depleted by 2040. Forecasted by the International Energy Agency Oil Market Report, more than 93 million barrels of oil and liquid fuels are demanded daily worldwide. Annually, the production is being works out for more than 34 billion barrels. Demand for oil is consistently growing globally. Referring to the basic economics, total output of the crude oil reached its peak and the price of it will gradually rise with the demand. Depletion of oil will result in the falling rate of the production. The prices of oil will rise at a bigger scale. The exploration on the new reserves oil will become more...
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...MICROECONOMICS TERM PAPER: AN OVERVIEW OF THE CRUDE OIL INDUSTRY Group 3: ASEEM ROHATGI | PGP 14 -010 | DHEER VORA | PGP 14 -015 | KARANVIR SIDANA | PGP 14 -025 | PURBASHISH GANGULY | PGP 14-046 | SIDDHI AGARWAL | PGP 14 -067 | SPREHA KANIKA | PGP 14 -069 | THE CRUDE OIL INDUSTRY Crude oil industry is the largest industry in the world in terms of dollar value. Crude oil or petroleum satisfies almost 33.6% of the world energy needs. It is also the most traded energy resource in the world. The demand side factors are guided by the energy needs of the world which is still dependent on non-renewable sources, while supply is determined by oil rich countries. The prices are fluctuating owing to influence of the spot market. Trends in Demand An above average GDP growth in non OECD countries has significantly pushed the demand for all types of energy in an upward direction. Where the consumption of energy by OECD countries has remained steady with the growth rate of 0.9%, the non-OECD nation’s growth rate reached 5.5% in 2010. Even though there has been a significant upsurge in all types of energy, oil still remains the world’s leading fuel. In the current scenario, where the global oil consumption is surging, the production is unable to match such high growth. In the year 2011, the demand grew by 3.1% whereas the increase in supply was only for 2.1%, attributing to the implementation of OPEC production interruptions since late 2008. Therefore the unmatched...
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...Crude Oil Summary; Back in February 2014, oil-price.net posted an astonishing report on the US government's trade restrictions on its own oil industry. While other governments protect their home industries and give preference to their own national interests, by a convoluted path of logic, successive administrations in the US stymied the producers of crude oil in the USA. You can read that full report here: Oil Export Ban Hurts US Oil Industry. However, moves are now afoot to ease this restriction. By one method or another, the crude oil export ban may be undermined to the point that it is meaningless. This is one more battle in the war between US oil producers, who want the export ban lifted, and US oil refiners, who want to keep the ban. The battleground is the definition of what constitutes "crude" and "refined" oil. Introduction; The export ban on crude oil was put in place following the oil price shock of the 1970s. Arab governments held the Western world hostage by restricting their oil exports and hiking the world oil price. US legislators vowed to insulate their nation from future actions by Middle Eastern governments and put in place a series of measures to ensure a constant supply of oil to US refineries. The crude oil export ban was just one of the measures contained in the Energy Policy and Conservation Act (EPCA) of 1975. However, the measure skewed the oil trade within the USA greatly in favor of the refining industry who were allowed to import...
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...What is an environment stating the different kinds/types, define crude oil and liquid bulk giving examples The environment is the aggregate of surrounding things, conditions or influences, milieu etc. The types of environment include natural, business, social and cultural aspects. Crude Oil is a natural product of the mixing of the environmental Spheres. It occurs through the decay of biosphere components and its interaction with the other spheres. This natural mixing produces hydrocarbons which can after retrieval can be refined into diesels, gasoline, heating oil’s etc. Liquid bulk is the term used to define all items with mass which mass have an incompressible fluid form. This form conforms to the shape of its container but retain the same volume independent of pressure. In shipping terms this fluid is poured into large tank spaces known as hold in tankers. Some types of liquid bulk cargo are crude oil, chemicals and liquefied natural gas. Based on the definition of environment, state the positive effects of developing a crude oil port. A crude oil port is a transition station in which crude oil is taken from liquid bulk cargo and kept in storage facilities at the port until transported by bulk oil trucks to various destinations. Crude oil is a flammable substance. Therefore it needs to be transported and transferred between transportation modes. The positives of having a port is that crude oil ports are specifically made to handle this type of gas. In addition...
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...Alien Article for Crude Oil Crude oil: good or bad? You decide Recently I have discovered an interesting fuel which humans use. It is a sludgy, black, gloopy liquid like fuel called “crude oil”. They have found it in many of the earth’s oceans and I believe it has come from many dead animals piling on top of each other but didn’t decay properly because of the anaerobic conditions making layers of rock. The heat of the rocks and the increased pressure turned the dead animals into crude oil. I have found out that they put crude oil into a machine and separate using an interesting method called fractional distillation. Fractional distillation of crude oil is where they separate out oil into hydrocarbons with similar boiling points, called fractions. Each hydrocarbon fraction contains molecules with similar numbers of carbon atoms. To my understanding I think each of these fractions boils at a different temperature range. That is because the different sizes of their molecules. One bad thing about crude oil is that it can’t be used in its own form, so the humans diffract it into many other things such as petrol, lubricating oil, naphtha, kerosene etc. At the bottom of the fractional column they use longer chains with more carbon atoms and at the top of the fractional column it has a cooler temperature and the chains are quite short. Hydrocarbons with low boiling points can get all the way to the top before they condense. The crude oil is evaporated and its vapours allow it to condense...
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...GCSE ADDITIONAL SCIENCE B Additional Science B Unit 1 Modules B3, C3, P3 Specimen Paper Candidates answer on the question paper: Additional materials: ruler (cm/mm), calculator F Candidate Number B623/01 60 mins Candidate Name Centre Number TIME 60 mins INSTRUCTIONS TO CANDIDATES • • • • • • • • Write your name, centre number and candidate number in the boxes above. Answer all the questions. Write your answers on the dotted lines unless the question says otherwise. Use blue or black ink. Pencil may be used for graphs and diagrams only. Read each question carefully and make sure you know what you have to do before starting your answer. There is a space after most questions. Use it to do your working. In many questions marks will be given for a correct method even if the answer is incorrect. Do not write in the bar code. Do not write in the grey area between the pages. DO NOT WRITE IN THE AREA OUTSIDE THE BOX BORDERING EACH PAGE. ANY WRITING IN THIS AREA WILL NOT BE MARKED. INFORMATION FOR CANDIDATES • • The number of marks is given in brackets [ ] at the end of each question or part question. The total number of marks for this paper is 60. This specimen paper consists of 25 printed pages. © OCR 2005 Registered Charity Number: 1066969 BLANK PAGE Specimen Paper: Additional Science B 1 Answer all questions. Section 1 1. (a) Janet’s class is investigating the directions that roots and shoots grow. They grow bean seeds in jam jars. They put...
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...high in the up coming years. One will read various viewpoints from United States Government officials, Law officials. One will also show how this raise in gas prices will have an impact on businesses and how the consumer will be affected in the long run. Gas prices are on the raise because of unrest in the middle east and because of this it directly affects the cost we pay at the pump to fuel our vehicles. The first viewpoints come from an article published by ABC news. The article was written by Maggy Patrick and Linsey Davis, They interviewed a former executive from the Shell Oil Company this executive is anticipating that gas prices could reach five to six dollars per gallon by 2012. is the founder and CEO of a nonprofit origination called Citizens for Affordable Energy, John Hofmeister was named president of a Houston-based Shell oil company in 2005 until he retired from the company in 2008, said he predicts the hikes by November 2012 due to the increase for gasoline worldwide. He also stated: (Sloan, 2011). “While demand is rising steadily, the world is struggling to increase production. Demand is approaching 90 million barrels per day, while only 85 million barrels are being produced. Today, gas prices are averaging at $3.89 a gallon, up about 50 cents from just a month ago.” If you recall not so long ago we seen gas prices raise to all time high about 4 years ago, but there is a difference and that is we...
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...How Crude Oil Prices Affect Gas Prices Crude oil prices make up 71% of the price of gasoline. The rest of what you pay at the pump depends on refinery and distribution costs, corporate profits, and Federal taxes. Usually, these costs remain stable, so that the daily change in the price of gasoline accurately reflects oil price fluctuations. (Source: EIA, FAQ, December 6, 2013) It usually takes about six weeks for oil price changes to work their way through the distribution system to the gas pump. Oil prices are a little more volatile than gas prices. This means oil prices might rise higher, and fall farther, than gas prices. Historical Oil and Gas Prices: Oil and gas prices have been especially volatile since the 2008 financial crash. Here's a look at their peaks and valleys, and what caused the price swings. * 2014 - Prices remained around $100/barrel. That's because the U.S. has plenty of shale oil. 2013 - Oil rose swiftly to $118.90/barrel on February 8, sending gas prices to $3.85 by February 25. Prices had started rising earlier than normal thanks to Iran's threatening war games near the Straits of Hormuz. What Causes High Oil Prices?: Like most of the things you buy, oil prices are affected by supply and demand. More demand, like the summer driving season, drives higher prices. There is usually less demand in the winter, since only the Northeast U.S. uses heating oil. However, oil prices are also affected by oil price futures, which are traded on the commodities...
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...News Critique 1 This article describes how the oil industry in Russia is the most polluting of all oil industries in the world. Russia is responsible for 13 percent of the world’s crude oil. With so much piping and an extremely harsh climate leaks are very common and are responsible for 5 million tons of crude being spilled into the environment. The crude oil leaks into soil, destroys plant life, and pollutes rivers and lakes that provide valuable fresh water to the world. Due to the harsh climate, regular maintenance is needed for the pipes so that leaks are controlled and less harmful for the environment. Many other countries leak tons of oil into the environment but take measures to control the pollution. Canada, for example, has similarly harsh climate and does not nearly pollute as much as Russia. Russia’s excuse is that the leaks are not polluting too little oil at a time to be considered a hazard. But over the course of the year, and the extreme number of leaks, 18,000, the amount of oil being spilled piles up and causes severe polluting. Russia usually goes unnoticed for its polluting because most of the oil reservoirs are in very unpopulated areas. Russia needs to realize even though it may be costly to routinely fix oil pipes and may be able to escape persecution because of the unpopulated areas, regular maintenance is important to maintaining the surrounding natural environments for it could have devastating effects on the delicate balance that allows certain species...
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...Crude, a documentary by Joe Berlinger, provides an eye-opening look into the highly controversial battle between Texaco and the Amazon Jungle of Ecuador. The film follows the lawyers’s fight to improve the jungle’s living environment and restore the original beauty of the Amazon. Texaco has been contaminating the rainforest for around three decades, poisoning the water, air and land. The pollution has created a ‘death zone’ that has been increasing the rates of cancer, leukemia, birth defects, and several other health illnesses. This ‘David and Goliath’ story brings up an array of topics: human rights, the power of the media, global politics, multinational corporate power, and celebrity activism. The film was shot in different countries and in multiple languages. Berlinger presented the situation and issue from all viewpoints, capturing the drama and events as they slowly unfolded. There were many people involved, but their main focus was to advocate and fight against the environmental and human suffering in the Amazon. The lawsuit against Chevron, the 5th largest corporation in the world, has been going on for 16 years already. They’re hoping that Amazon will run out of funds to fight against the company. In the beginning, there were only a few people supporting and helping the Amazon. But through interviews like Vanity Fair, it allowed the families and parents living in Amazon to tell their heartbreaking stories. Many of them have lost their children from birth defects, cancer...
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...alm OilAnalisis Determinan Ekspor Minyak Kelapa Sawit (CPO) Indonesia http://arfendios.blogspot.com/2013/08/analisis-determinan-ekspor-minyak_1.html PENDAHULUAN Perdagangan internasional merupakan salah satu aspek penting dalam perekonomian setiap negara di dunia. Hal ini didorong oleh semakin meningkatnya hubungan saling ketergantungan (interdependence) antara suatu negara dengan negara lain baik di bidang ekonomi, politik, sosial dan budaya (Hady, 2001). Menurut Dornbusch, Fischer dan Startz (2008: 278) dan Sugiharini (2006) keadaan ini sering disebut dengan istilah globalisasi yaitu pergerakan ke suatu perekonomian global. Di era globalisasi ini, perdagangan internasional sudah menjadi kebutuhan bagi setiap bangsa dan negara yang ingin maju khususnya dalam bidang ekonomi. Negara-negara melakukan perdagangan internasional dikarenakan dua alasan utama. Pertama, adanya perbedaan antara satu sama lain seperti kondisi geografi, iklim, tingkat penguasaan ilmu pengetahuan dan teknologi (IPTEK) dan lain-lain. Kedua, adanya tujuan untuk mencapai skala ekonomis (economies of scale) dalam proses produksi. Kedua tujuan tersebut memicu untuk menghasilkan keuntungan (gains from trade) bagi kedua negara yang melakukan perdagangan (Krugman dan Obstfeld, 1993: 15). Keuntungan tersebut antara lain: (a) memperoleh berbagai produk yang tidak dapat diproduksi di dalam negeri, (b) memperluas pasar produk dalam negeri, (c) memperoleh transfer teknologi yang lebih moderen dari luar negeri...
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...Commodity Exchange Market in Bangladesh Prepared by Kamal Uddin Department of Banking &Insurance Faculty of Business Studies, University of Dhaka Outline Rationale Define Commodity & Commodity Exchange Market How Commodity Exchange Market Works? Necessity of Commodity Exchange Market in our Economy Requirement for a Commodity Exchange Market What Bangladesh Doing? Recommendation Rationale: Price Volatility in Our Economy Reason Behind Price Volatility • Intermediaries between producers & end-consumers. • Syndication. • Absence of a proper market system. To remove this barrier a proper market system is required where buyer and seller will have the regular & updated information of market, they will have direct access to market for buying and selling their desired products. This can be done by establishing a Commodity Exchange Market Define Commodity and Commodity Exchange • A Commodity is a product which has a commercial value. It can be produced, bought, sold and consumed. • A commodities exchange is an exchange, just like any Stock Exchange where various commodities and derivatives products are traded. Most Commodity Exchanges across the world trade in agricultural products and other raw materials • To be traded on an Exchange must meet certain specification regarding self life, quality standard, demand and supply and some more. Functionalities Spot or Cash • Direct buy and sales • Usually for immediate consumption • Immediate delivery &...
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...MBA 570 Complete Course - Saint (Assignments- Dqs - quizzes) IF You Want To Purchase A+ Work Then Click The Link Below , Instant Download http://acehomework.com/MBA-570-Complete-Course-Saint-5555500012.htm?categoryId=-1 If You Face Any Problem E- Mail Us At JohnMate1122@gmail.com MBA 570 assignment 1 This writing assignment should be in an essay format. It should use twoor more published news or academic articles which are less than a year old as cited references. In your essay, you should answer the following questions: • What are value stocks? • What are growth stocks? • What is the reasoning that investorsuse for purchasing valueor growth stocks? • Has valueor growthinvesting worked best over the long term? • Do you prefer one of the Find recent examples of news articles in which someone is described as a valueor growthinvestor . How successful have theybeen with this method? The essay will be in APA format and be 500-1,000 words in length . See the rubric on the next page for complete grading criteria Hint: One wayto find information for this assignment is to use the library’s database for the Wall Street Journal or Barron’s and search for a recent article with the words “value investor” or “growthinvestor” in the text of the article MBA570 assignment 2 Assume that you are a corporate manager that needs to make an important decision. Your company currently has its largest factory (700 employees) located in the Midwestern...
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...An Anatomy of the Crude Oil Pricing System Bassam Fattouh1 WPM 40 January 2011 1 Bassam Fattouh is the Director of the Oil and Middle East Programme at the Oxford Institute for Energy Studies; Research Fellow at St Antony‟s College, Oxford University; and Professor of Finance and Management at the School of Oriental and African Studies, University of London. I would like to express my gratitude to Argus for supplying me with much of the data that underlie this research. I would also like to thank Platts for providing me with the data for Figure 21 and CME Group for providing me with the data for Figure 13. The paper has benefited greatly from the helpful comments of Robert Mabro and Christopher Allsopp and many commentators who preferred to remain anonymous but whose comments provided a major source of information for this study. The paper also benefited from the comments received in seminars at the Department of Energy and Climate Change, UK, ENI, Milan and Oxford Institute for Energy Studies, Oxford. Finally, I would like to thank those individuals who have given their time for face-to-face and/or phone interviews and have been willing to share their views and expertise. Any remaining errors are my own. 1 The contents of this paper are the authors’ sole responsibility. They do not necessarily represent the views of the Oxford Institute for Energy Studies or any of its members. Copyright © 2011 Oxford Institute for Energy Studies (Registered Charity, No. 286084) ...
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...to the WTI Cushing Crude Oil Spot Price West Texas Intermediate (WTI), also known as Texas Light Sweet, is a type of crude oil used as a benchmark in oil pricing and the underlying commodity of New York Mercantile Exchange's oil futures contracts. WTI is a light crude oil, lighter than Brent Crude oil. It contains about 0.24% sulfur, rating it a sweet crude, sweeter than Brent. Its properties and production site make it ideal for being refined in the United States, mostly in the Midwest and Gulf Coast regions. WTI has an API gravity of around 39.6 (specific gravity approx. 0.827) per barrel (159 liters) of either WTI/light crude as traded on the New York Mercantile Exchange (NYMEX) for delivery at Cushing, Oklahoma, or of Brent as traded on the Intercontinental Exchange (ICE, into which the International Petroleum Exchange has been incorporated) for delivery at Sullom Voe. Cushing, Oklahoma, a major oil supply hub connecting oil suppliers to the Gulf Coast, has become the most significant trading hub for crude oil in North America. The price of a barrel of oil is highly dependent on both its grade, determined by factors such as its specific gravity or API and its sulphur content, and its location. Other important benchmarks include Dubai, Tapis, and the OPEC basket. The Energy Information Administration (EIA) uses the imported refiner acquisition cost, the weighted average cost of all oil imported into the US, as its "world oil price". The demand for oil is highly dependent...
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