• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Unidentified author, 15th January 2003. "Oil price rise despite OPEC increase", Daily News (Tanzania)

Extracts from this document...


Unidentified author, 15th January 2003. "Oil price rise despite OPEC increase", Daily News (Tanzania) The article appeared in the "Daily News" on Wednesday 15th January, 2003. It describes how prices of oil have risen despite an agreement by Cartel OPEC to boost output. The main cause of this increase is due to a "cut in production in Venezuela and the possibility of a war with Iraq". Like any other commodity the prices of oil is controlled by supply and demand. ...read more.


It is essential to the welfare of the industrialized world and it impacts the cost of transport, the cost of goods, services and the availability of many products including food, water and shelter. The price of oil has increased due to the supply of oil decreasing in the International market while the demand for it is increasing. A vast majority of the population will be affected by the increase of the price as there is a high demand for oil and there is no competing substitute to replace it. ...read more.


Despite this pessimism of oil price increasing, theoretically the developing countries that produce oil will benefit from the price rise. This is due to the fact that their economy will improve as more money will come in to the country and foreign earnings will increase. All in all the OPEC countries should increase the supply of oil in order to make the price stable, so that demand and supply are equal bringing an equilibrium price to the goods so that consumers will not suffer and the global economy will not be threatened by the price rise. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level Marketing & Research section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level Marketing & Research essays

  1. Applied Business Studies

    Another type of employee is the managers, who are in charge of that particular store. They are very important because they make most of the decisions, if prices need to be changed etc. Employees are internal stakeholders. In my business 'Actors Vision', I need my employees because they are the

  2. Impact on Automobile Industry Due To Recession in India

    Bob McKenna, president of the Motor & Equipment Manufacturers Association, which represents some 400 suppliers, warned that without government action, auto suppliers will be forced to shutter facilities or close entire operations in March and April. "This would devastate the domestic auto industry and deepen the economic crisis," he said in a statement.

  1. Marketing Research

    Sales report 2) Collection report 3) Sales territory information report 4) Absenteeism report 5) Daily model wise production report 6) Profit-loss statements 7) Balance sheets 8) Invoice 9) Inventory sheets 10) Prior research reports B) External sources: 1) Census data: collected once in 10 years.

  2. Business OPEC

    So basically, according to Taylor, people are only motivated if they are paid a higher wage. The problems with his theory are self-apparent. Firstly, not all employees can adapt to the method that he might try training them in and secondly, earning high salaries is not the only motivator.

  1. SunCity - developing marketing strategy for problem

    http://www.bupa.co.uk/health_information/html/health_news/300903sunbed.html This is a link to the BUPA page regarding skin cancer, and according to the data, it has been proved skin cancer is linked to excessive sun exposure and it is believed, but so far there is no evidence that sunbeds are related.

  2. The world oil market is a Homogenous Co-operative Oligopoly. A broad definition of an ...

    Quality adjustments are based on the standard oil being traded namely West Texas Intermediate crude oil or North Sea's Brent Blend for the US and European markets respectively. Dubai is the benchmark for transactions in Singapore and the East. In the US, some sale of the domestic production of oil

  1. Rise and Fall In Oil Prices

    Most products will have a supply that is elastic as companies want to increase profit, however it is not always economically possible to continue to increase supply as prices rise. Price Fluctuations in Oil prices The major reason why oil prices have fluctuated the way they have in the last

  2. This is a report on the international dimension of Costa Coffee and Coffee Aroma.

    to determine. Sometimes, though, one can use primary research to estimate the total market size and a company's market share. Market share often is associated with profitability and thus many firms seek to increase their sales relative to competitors. Here are some specific reasons that a firm may seek to increase its market share: 1.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work