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Unconventional Oil

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IMPACT OF THE DISCOVERY AND EXLORATIONOF UNCONVENTIONAL OIL ON CONVENTIONAL OIL OPEC STATES | BYNAME:STUDENT ID:MODULE: | | |

Contents Contents 1 Introduction 2 OPEC (Organization of the Petroleum Exporting Countries) 2 UNCONVENTIONAL OIL 3 SOURCES OF UNCONVENTIONAL OIL 3 CONVENTIONAL OIL 4 PESTLE ANALYSIS 4 PESTLE ANALYSIS ON NIGERIA 4 PESTLE ANALAYSIS ON U.S 6 Conclusion 9 References 10 Bibliography 10

Introduction
The producers of oil which are outside the OPEC (Organization of Petroleum Exporting Countries) are been recorded to be producing almost 60 percent of the oil used in the world with constant increase in the hurdles of production (Khadduri, n.d.). Some researchers have indicated that the Non-OPEC states is as a result of having less producing wells, high costs of new projects, older wells and in most cases the increase in the home demand of oil which may cut the oil for exportation (Nakhle, 2013). Increases in the prices resulted in the difficulty of oil project and making it lucrative, resulting in the increase of the production of unconventional oil.
Though at a time, there’s declination in the Non-OPEC oil production as the investing in new production of oil becomes tougher as a result of tightening, volatility of oil price, resource nationalism and credit markets (Brendow, K;, 2003). Now the unconventional oil production by Non-OPEC states is coming up as originally projected as few of the producers are been expected to offset the declination.
According to the U.S Energy Department’s Energy Information Agency (EIA), among the fifteen largest oil producers in the world, seven of them are from the Non-OPEC states. The seven countries are United States, Canada, China, Mexico, Norway, Brazil and Russia. In 2007, the Non-OPEC states are regarded in producing almost 48million bpd, which constitutes 60 percent of the

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