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The main oil producing countries are all in a Cartel-esque group called OPEC, stands for Oil Producing Economic Countries, and they get together every so often and set the prices to a certain extent to control supply of oil and thus the price.
All the countries in OPEC (as far as i am aware) can produce a lot more oil however lots more oil = prices falling which they don't want.
What else can I help you with?
Why has the technetium price gone down?
credit crunch and it relys on a price of barrell crude oil which we all know is really expensive and therefore it has a negative affect on it.
When is the working capital adjustment used while calculating profitfee?
all fixed price contracts with progress payments
What part speech is all?
The phrase "all-you-can-eat" is an adjective. This is offered at restaurants where the diner pays a fixed price to literally eat as much as they can.
What part of speech is all-you-can-eat?
The phrase "all-you-can-eat" is an adjective. This is offered at restaurants where the diner pays a fixed price to literally eat as much as they can.
Is food a fixed or variable expense for dog owners?
Variable, it all depends on what brand and size the bag of food is as to what the price is
Invoice price is greater than quote price what do you do?
All quote prices are legal binding, this does not mean that the price is fixed at that maximum set level, but any price increase over the quote must not exceed 10% of the maximum quote given
What is a crude mixture I know what crude oil is but is a crude mixture the same thing?
A Crude mixture is a mixture that has more than one kind of atoms in it. For example if you were to shrink down to a tiny size and run through the sand its not all the same sand theres many different types just like atoms.
At a price of 62.00 people are buying all of the microwave ovens produced at the MZ factory In this case 62.00 is called the price?
A. shortage marketB. steady marketC. fixed marketD. market clearing
How much is Tom Brady contract?
He is worth way too much to even have a fixed price tied to him !Brady all the way (L) !
Adding a standard mark up to the cost of the product refers to?
adding a standard mark up to the cost of the product is adding a "fixed" rate of percentage over the cost to "price" the product. in another word, by doing this all products' selling price has a fixed gross profit over their cost.
Is crude oil renewable?
No, crude oil is a non-renewable resource, that means that when it is all pumped out of the ground no more will appear.
Why is it not possible to conclude that OPEC total revenue would increase if it were to cut its production does the elasticity of non- supply have any influence on how the price of crude oil changes?
OPEC acts like a monopoly on crude oil. They can cut production and decrease the supply of oil, thus raising the price, but this does not necessarily increase revenue. As the price increases, the demand decreases. The percentage change in quantity demanded in response to a one percent change in price, while holding all other factors constant, is called price elasticity of demand. If the price elasticity of demand is high, then the demand will decrease significantly as the prices increase, and revenue may not increase.
