What is OPEC? | CNBC Explains

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What is OPEC? | CNBC Explains

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Күн бұрын

The fluctuating price of oil is largely decided by supply and demand and the collective actions of OPEC, an organization that provides 40% of the world’s oil. CNBC's Tom Chitty explains.
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Пікірлер: 114

@hsetiono 6 жыл бұрын

"The Stone Age didn't end due to lack of stone, and the Oil Age will end long before the world runs out of oil."

@CSBSIRIKIVENKATASIVASURYASAI 5 жыл бұрын

Elon will make it happen

@user-zg2kr6ph9z 4 жыл бұрын

@@CSBSIRIKIVENKATASIVASURYASAI XD

@jamesretreat 4 жыл бұрын

Naive

@mikelooby8362 3 жыл бұрын

Certainly the other essential element required for this form of energy allthough slowed renewable will become exhausted to render it ineffective for energy. Renewable forms of energy also requiring this eliment will also become almost as equally ineffective or as ineffective as it could become more available as the other essential element .

@ahmadelaiwat4234 3 жыл бұрын

we still use stone

@prakhargandhi1023 5 жыл бұрын

Absolutely Brilliant

@fcb319 4 жыл бұрын

1:31 what does russia and saudi arabia doing with that much oil consumption? They even don't have any industry. Germany consumes less than these two countries?

@coasterexpert7501 4 жыл бұрын

Its because they are super wasteful with oil unlike in the rest of the world where it is a scarce resource.

@Faisal-tc4ih 2 жыл бұрын

The biggest consumer of oil is America😂

@jerrycallo 2 ай бұрын

@@Faisal-tc4ih and their biggest industry is technology. They've all but closed down and exported industry which you would expect to consume a lot more energy than a bunch of IT people sitting writing apps, developing semi-conductors and watching server farms. By hey we have to use all that electricity so we can have the server farms to update our face-book status.

@Baasicstuff 10 ай бұрын

Well from a guy that’s 50 years old and lived in the USA, his whole life. One thing I can tell you is every time we get a democrat president in office prices shoot up to 5 , 6 dollars a gallon. So vote Democrat get high gas prices and with all love as someone will say no that’s not the reason OK pal

@user-yr4mk8uo1r 5 жыл бұрын

대기.

@user-hf7bs1oc6i 4 жыл бұрын

요약좀요

@jimmykrookz8595 4 жыл бұрын

@anwarm2029 3 жыл бұрын

OPEC President Says, Oil Market Rebalancing Still a Danger www.dailystockmarketnews.in/2021/03/opec-president-says-oil-market.html?m=1 OPEC other key exporters, for example, Russia a grasping named OPEC+, meet on Thursday and are required to examine permitting as much as 1.5 million barrels each day (BPD) back into the market to address request prone to be opened later in the year as immunization programs accumulate pace.

@n1kkri Жыл бұрын

I wonder if the U.S. could produce the same 20% of oil it buys through OPEC but domestically? Would OPEC control be reduced in the U.S. The conversion to renewable in the U.S. is going to take a long time. I don't know how much longer we can take this pain.

@mustangdemon87 Жыл бұрын

We could but they won't because they would loose money. Cheaper to buy and resell then produce and sell.

@n1kkri Жыл бұрын

At one time oil was so cheap the oil companies were not making enough to make it worth while. Price did go up and leveled off still significantly lower than it is today. The way things where going under Trump we would be selling oil to the world. Now we beg on both knees for oil. Something is wrong here. If it were cheaper just to buy then why do we need President Biden's day 1 Excutive Orders on Oil and Gas drilling and exploration?

@rohandanwade7564 4 жыл бұрын

40percent of world oil production 80 oil reserve...makes OPEC relevent in 21st century Vienna Austria twice annually to control the price through deliberation USA shell oil & Other clean alternative could influence the prices of oil...bit demand and supply plays the major roll in influencing prices... OPEC still relevant!

@n1kkri Жыл бұрын

Time to start pumping more domestic oil by demanding we remove Bidens Executive orders

@jerrycallo 2 ай бұрын

OPEC is definitively relevant (any monopoly would be) but it's supply, not demand that controls prices (As with any monopoly). The demand side control only exists if you can live without the product.

@benjamint.4776 9 ай бұрын

Did anyone notice the gas rising up in prices in the background at 1:19?

@abdullahfadilsulaiman7268 4 жыл бұрын

and today 20/04/2020. the crude oil price is -ve.

@carlo6870 6 жыл бұрын

I hope Im still alive when the time comes that we're more dependent on renewable energy than fossil fuels.

@plendafuture7451 6 жыл бұрын

Carlo Hije you will be if you live to see 2040 . The third industrial revolution will set in by 2030 look to Germany for innovation in renewable energy technology breakthrough .

@aminkabuli9415 5 жыл бұрын

Sorry to break it to you but you will be dead so long that your body have already become fossil fuel.

@stavmiguel1125 4 жыл бұрын

Hence why they bury your ass. I'm taking the viking way out. On a raft made of wood covered with different floral, then cast out only to be shot with an arrow that is on fire.

@vehement-critic_q8957 4 жыл бұрын

Renewable energy has its own cons also, it's more expensive and it interacts with the elements whether it is positively or negatively.

@corgiwhisper 3 жыл бұрын

Are you alive

@geethanjalibalaji5232 6 жыл бұрын

if dependency on oil reduces .. then we can lead better life on earth.

@jerrycallo 2 ай бұрын

The US imports oil so that it doesn't have to deplete it's own reserves. I don't think it's much more complicated than that, the unfortunate effect is that the US population will not benefit from lower gas prices no matter how much oil it discovers. Fracking has produced localized reduction in natural gas pricing, but not in proportion to what it produces. It's all carefully controlled to keep prices where they are. They just throw the public a bone every now and then to prevent a "peasant uprising" for gouging.

@motohisaosaki7501 3 жыл бұрын

10月2日から授業に参加します。

@Bala-we4jn 5 жыл бұрын

What is gold and silver age

@syedmohammadaanasfarukh7549 5 жыл бұрын

Qatar aint there anymore....

@YujiroHanmaaaa 4 жыл бұрын

Why? Qatar run off oil?

@WPaKFamily 4 жыл бұрын

first time I've heard a muslim say aint

@yacineabelharrachi5888 4 жыл бұрын

Still in it

@jerrycallo 2 ай бұрын

So it exists basically to create a monopoly so that it can fix prices.

@user-ks6sg6ml5r 4 жыл бұрын

대기고 1학년8반

@user-br2cx4ws6j 4 жыл бұрын

이이이이이잉

@jimmykrookz8595 4 жыл бұрын

@marc-alexandrefavreau6784 Жыл бұрын

Vienna

@UJR78 2 жыл бұрын

Lies lies lies yeah... OPEC is just a diplomatic front for big oil. - There are no shortages.

@Xammie3000 Жыл бұрын

300,000,000 barrels of 🛢

@stewl5081 4 жыл бұрын

Reduce Iranian oil 500000 gallons. 60 days. "Your girlfriend is screaming."

@harrysnuggets2799 4 жыл бұрын

Equador is left recently

@douglasengle2704 13 күн бұрын

China lacks large internal supply of crude oil which is why it has pushed so hard for battery electric vehicles which it can fuel from coal fired power plants it can greatly supply internally, but does import coal for power use and especially steel making. More stone is used today per person in the modern world than any other time in history. We also use other materials with more advanced abilities. The expectation is much more energy will be used per person as further advancements take place. That is why incrementally cheap nuclear power electricity was expected to take over in the 1960s going forward. A double width 1000 km/h maglev train in the mid 2040s needs to have nearly free incremental electricity.

@hassanmahamoud9977 6 жыл бұрын

Oil

@areallybadname9701 3 жыл бұрын

True

@hasanpasha01 Жыл бұрын

Fact.

@lydmonkey4593 4 жыл бұрын

0:33 there's that one lonely country xD

@ashleygonzalez2673 3 жыл бұрын

Which country has the largest oil reserves in the world?

@daposophos 2 жыл бұрын

Venezuela

@zoroaniki8555 2 ай бұрын

But sadly their country having hyperinflation. Money for nothing @@daposophos

@acegikm1300 4 жыл бұрын

Why all oil importer countries doesnot come together and form like opec because oil pumping cannot be stop storage will full so if opec increase price they all stop buying

@abdulsd2268 Жыл бұрын

Because the producer is the one who decides

@user-ie1ri6ot4n 4 жыл бұрын

Man is Jeongsi.

@marc-alexandrefavreau6784 Жыл бұрын

25-50 years

@GeneralGayJay 10 ай бұрын

I thought cartells are illegal.

@wilsonkennedy1530 4 жыл бұрын

What happens when Human right is violated ? Who pays?

@tvgirltochelseaHWG 4 жыл бұрын

Daykey highschool

@voicelovers2692 5 жыл бұрын

대기고

@user-hf7bs1oc6i 4 жыл бұрын

요약좀요

@jimmykrookz8595 4 жыл бұрын

@sam-mw1rd 4 жыл бұрын

And now oil price immediately drop even negative, LMAO 😅

@yacineabelharrachi5888 4 жыл бұрын

What you talk about is the us oil dump

@hasanpasha01 Жыл бұрын

What

@ashleygonzalez2673 3 жыл бұрын

How many barrels of oil does the U.S import every month?

@jessieshepherd9487 3 жыл бұрын

2:56 300 Million barrels per month

@ernestined.lawrence9514 2 ай бұрын

Not your every day Joe, Arabia?

@ernestined.lawrence9514 2 ай бұрын

Supply and Demand the real reason for poverty!

@user-dn7xh6zi1q 4 жыл бұрын

노무현

@jimmykrookz8595 4 жыл бұрын

@odettematifas6194 4 жыл бұрын

algeria

@distorsyband1063 5 жыл бұрын

java global

@timg185 2 жыл бұрын

OPEC has no desire to keep oil prices low. Because we have a weak President that won’t do anything about it.

@MmC-vn1mf 2 жыл бұрын

Cry harder, maybe the price will drop😂

@glennhertel1165 Жыл бұрын

How corrupt is this, and is this on the Stilt

@Chronoir3 Жыл бұрын

This video aged badly

@chuckgates1171 6 жыл бұрын

Bicycles public transpotation walking

@Soothsayer210 4 жыл бұрын

what is OPEC? a dying entity in its last throes of life.

@linusschmutz3985 11 ай бұрын

Mafia

@Atipat12 6 жыл бұрын

🤣🤣🤣🤣🤣🤣🤣

@maxwulz9283 4 жыл бұрын

Joo

@Xammie3000 Жыл бұрын

107 comment

@nomannoman5655 2 жыл бұрын

OPEC Fahli King Shah Salman. Pakistan economic that fast Nauman Khan job posibal at after credit give. OPEC. Presidant Nauman Shah

@distorsyband1063 5 жыл бұрын

migas export inport world.

@relativity1581 Жыл бұрын

Cnn shouldn’t explain anything to anyone