Energy 3.2D Flashcards
When and where was OPEC created?
OPEC was created on September 10-14 in 1960 at the Baghdad conference.
What are OPEC’s objectives?
OPEC’s objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.
What made oil prices post 2014 crash to all time lows?
Speculation by traders and economic analysts led oil prices to decrease significantly. As well as this, the over-supply was another factor.
What was OPEC’s global share of crude oil reserves in 2008?
79%
In 5 years, what is expected of the USA to transition to?
The US will change from the world’s leading importer of oil to a net exporter
What is Fracking?
Fracking is the process of drilling down into the earth before a high-pressure water mixture is directed at the rock to release the gas inside.
Water, sand and chemicals are injected into the rock at high pressure which allows the gas to flow out to the head of the well.
Where has the majority of Russia’s oil production come from?
West Siberian basin in the Khanty-Mansiysk Okrug region. About two-thirds of production comes from this region and it holds about the same proportion of the country’s reserves.
How responsive have non-opec producers been with Saudi actions?
It is becoming apparent that non-OPEC producers are not as responsive to low oil prices as had been thought, at least in the short-run
What was the conflict between Russia and Ukraine in 2006 to lead to an increase in the price of gas?
It was believed that Russia was displeased with Ukraine due to the political shift towards the west after the orange revolution in 2004.
What happened after the closure of the 2500 mile Druzhba pipeline?
. The closure of the 2,500 mile Druzhba pipeline halted
the movement of Russian oil supplies to a number of countries. The
pipeline carries more than 1.2 million barrels a day of oil, providing
almost a quarter of Germany’s needs and 96% of Poland’s imports as
well as supplies to Hungary, Ukraine, the Czech Republic and
Slovakia
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It halted the movement of Russian oil supplies to many countries and disrupted over 1.2 million barrels of oil a day which provided a quarter of Germany’s needs and 96% of Poland’s imports.
How much did Gazprom increase their gas prices in December 31st 2006?
From $47 per 1,000 cubic metres to $100
What did Belarus do to counter the increase in gas prices and what were the effects of this?
Belarus announced it would charge an import duty
of $45 a tonne on Russian oil shipped across its territory to western
Europe. When Belarus halted pumping, Russia accused Belarus of
illegally siphoning off oil from the pipeline. Russia then closed the
pipeline on its side of the border. Fortunately, a negotiated settlement
was reached which allowed the pipeline to flow again.
What is the percentage of reliance from the EU to Gazprom of the gas?
25%
What are the EU’s proposals for the future of the domestic energy market?
• build interconnecting pipelines and power lines, such as electricity
hook-ups between Germany, Poland and Lithuania and between
France and Spain.
• diversify supply. E.G. - Nabucco pipeline which will connect Europe with gasfields in the Middle East,
Caucasus and Central Asia via the Balkans and Turkey.
What are the current issues that Gazprom are facing?
They have not implemented enough dynamic efficiency and therefore they are only utilising a limited number of oil and gasfields. This could lead to a lack of supply in the future.
