Word: opec
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Among the remaining members of the Organization of Petroleum Exporting Countries (OPEC), Venezuela and Nigeria are the biggest exporters to the United States, accounting for 1.5 million BPD and 0.9 million BPD in 2000, respectively. This puts OPEC supplies to the U.S. at just over 5.1 million BPD. Somewhat surprisingly, non-OPEC nations account for 5.9 million BPD, meaning that OPEC accounts for only 46 percent of American imports. Among the non-OPEC states, we receive 1.7 million BPD from Canada, 1.3 million BPD from Mexico, and 0.3 million each from Colombia, Norway and the United Kingdom...
...chances are rising that OPEC will sharply curb production to both spur higher prices and increase political pressure on Washington and Israel. "The Saudis are set to do this," asserts Marvin Zonis, a political- and economic-risk expert at the University of Chicago. "They are very dissatisfied with U.S. foreign policy in the Middle East, specifically with Israel...
WHAT IT MEANS TO THE U.S. Shades of the '70s? No. Non-OPEC oil sources have increased significantly since then. But higher energy costs are like an ugly tax. Consumers shelled out an extra $50 billion last year because of higher gas prices. "The danger is that OPEC could be too successful," says Nariman Behravesh, chief global economist for DRI-WEFA, an economic consulting firm. "If they hang tough with their quotas and oil prices stay high as the world economy slows down, the downturn could be even more pronounced...
...OPEC could yank the supply chain if fighting between Israelis and Palestinians escalates. "This is not a stretch," says Nicholas Sargen, chief global-market strategist at JP Morgan Private Bank. "As the violence picks up, the probability rises that OPEC could get involved again...
...OPEC could yank the supply chain if fighting between Israelis and Palestinians escalates. "This is not a stretch," says Nicholas Sargen, chief global-market strategist at JP Morgan Private Bank. "As the violence picks up, the probability rises that OPEC could get involved again...