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Differences and Similarities Between OPEC and IEA

   

Added on  2020-10-22

9 Pages2121 Words186 Views
Global EnergyOutlook Spring2019
Differences and Similarities Between OPEC and IEA_1
Table of ContentsINTRODUCTION...........................................................................................................................1Task .................................................................................................................................................11. Critically evaluate differences and similarities between OPEC and IEA and approaches toproducing energy. .......................................................................................................................1run 24 hours and 7 days. It s purpose is maximum production and increase profitability(Bacovsky, 2016)........................................................................................................................22. SWOT analysis of both organization and analysis give and take possibility.........................4Conclusion.......................................................................................................................................6REFERENCES................................................................................................................................7SWOT Analysis. 2017[ONLINE] Available through :<https://www.rediff.com/money/2004/sep/18oil.htm>........................................................................................................................................7
Differences and Similarities Between OPEC and IEA_2
INTRODUCTIONGlobal energy means that many different country who is energy abundant that make companytogether and make about supply, consume, policies and saving of energy. Its main purpose isincrease supply of energy in different country and improve economy of our country. OPEC andIEA both are energy suppliers and its main purpose is stable price of petroleum and energy. Thisreport will be cover that difference and similarities of OPEC and IEA and approaches ofproducing energy. It also cover SWOT analysis of OPEC and IEA.Task 1. Critically evaluate differences and similarities between OPEC and IEA and approaches toproducing energy. OPEC (oil petroleum export country) is established in 1960 in Baghdad for petroleumand oil producing countries through cooperative relationship with other organizational countries.Its main purpose is fulfill need of petroleum of countries that they less abundant of petroleum oil.Five member countries include in Abundant of oil petroleum countries is Iran, Iraq, Kuwait,Saudi Arabia and Venezuela. It also a purpose that supply oil to needy countries and increasetheir profit (Alvarez, 2016).Its controls 61% of oil of all over world export and 80% oil reserve. It is beneficial intake decision on future oil prices. Energy ministers meet to OPEC member in twice a year formaking policies. But OPEC do not fix and control on production of oil and price of oil.OPEC has three goals :- Keep prices stable – it is the first goal of OPEC because it wants to reasonable prices fortheir oil. Its main purpose is that maintain supply and demand because change is consumerdecision about buying is main reason is increase prices and if prices is fall below their target sothey restrict supply with other country and prices higher. Its main purpose is that generaterevenue and earn foreign currency and beat competition.Reduce oil price volatility- its also second goal is reduce price fluctuation. Its a majordifficulty that price fluctuation because its impact to supplier, consumer etc. so its main purposeis fluctuate rate of oil. Its helps in growth of economy and generate revenue. Oil productionprocess 1
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