L1- Power Relationships Flashcards
What does peak oil mean?
The theoretical point at which half of the known reserves of oil in the world have been used.
When and where was OPEC founded?
1960, Baghdad
What year did the European Union introduce new environmental regulations to reduce GHG emissions?
2007
What are oil reserves?
Where oil is found around the world
Which countries are the three biggest producers of oil?
The USA, Saudi Arabia and Russia
Where are the largest oil reserves found?
The Middle East
What are the key factors affecting oil supply?
Demand Rapid industrialisation Periods of recession Disruptions i.e. oil spills Diplomacy Supply and discovery of new sources
What is OPEC?
Organisation of Petroleum Exporting Countries is an inter-governmental organisation for oil producers and exporters.
Why were China and Japan keen to access Russian oil rather than depending on Middle Eastern oil?
They wanted better energy security as their dependance on Middle Eastern oil makes them vulnerable to price increases.
When was there an oil spill in the Gulf of Mexico?
2010
What are the issues related to global economic growth?
It will lead to a rising demand for energy resources which could increase prices, therefore increasing the pressure to develop new sources of energy.
What are the issues of changing international relations?
Countries may decide to retain their fossil fuels rather than export them which could result in a conflict over supply chains in unstable areas, e.g. the Middle East. Suppliers could use energy as a political lever.
What is meant by oil supply?
The amount of oil produced around the world
What is meant by oil demand?
The amount of oil needed/wanted around the world.
