Oil - Geog
- Created by: Natasha Meisel
- Created on: 22-03-15 10:23
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- Oil Production and consumption around the world
- What is the pattern of global oil production and consumption?
- The USA has less than 5% of the world's population but consumes 25% of the world's oil - making USA the largest consumer in the world
- Saudi Arabia, Iran and Iraq are among the largest producers of oil in the world - together about 65% of the world's potential oil reserves lie in the Middle East
- future political threats to the global supply and consumption of oil?
- Oil supply from countries in the Middle East (Saudi Arabia, Iran, Iraq..) rely upon peaceful relations between these Middle Eastern suppliers and those buying oil
- These Middle Eastern countries formed a special group called 'OPEC' - they decide the price of the oil together so the world doesn't take advantage of them -making OPEC very powerful
- Oil supply from countries in the Middle East (Saudi Arabia, Iran, Iraq..) rely upon peaceful relations between these Middle Eastern suppliers and those buying oil
- reasons for variation in global supply and consumptionof oil
- The USA currently stands as the largest global economy as it is built on the idea of high consumption
- the USA has the world's largest market for air travel
- They are worried about OPEC (12 countries grouped together) as they might raise prices too highly
- OPEC is a threat for the USA and many other MEDCs who rely on OPEC for their oil imports
- The USA currently stands as the largest global economy as it is built on the idea of high consumption
- What is the pattern of global oil production and consumption?
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