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Title: opec

Essay Details

Subject: Business
Author: Gary D
Date: March 30, 2012
Level: University
Grade: A
Length: 4 / 922
No of views: 0
Essay rating: good 0, average 0, bad 0 (total score: 0)

Essay text:

The members of the OPEC countries meet twice a year in order to set the price of oil per barrel. During the 1950’s and 1960’s oil was cheap, due to the fact that the supply of oil increased at a faster rate than the demand for oil. Then in the 1970’s we saw a reversal of this trend of cheap oil as the world economy boomed leading to demand outstripping supply...

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Then in the 1970’s we saw a reversal of this trend of cheap oil as the world economy boomed leading to demand outstripping supply. In November 1973 things were to change more significantly. Egypt launched an attack on Israel and OPEC members threatened to cut off oil supplies to any country which supported Israel...

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