Examine the first three sections of OPEC dealing with the topics below:
a. Final recommendations
3) Composition of inputs
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OPEC is the Organization of Petroleum Exporting Countries. This is a pool of thirteen popular countries of the world. The countries included in the pool of OPEC are Iran, Iraq, Kuwait, Saudi Arabia, United Arab Emirates, Indonesia, Angola, Algeria, Ecuador, Venezuela, Libya, Qatar and Nigeria. The organization has it's headquarter in Vienna. The main objective of the organization is to make the price of oil stabilize in the international oil market. This also aims to safeguard the interest of the oil producing nations (The Organization of the Petroleum Exporting Countries (OPEC), 2008).
The organization mainly puts emphasis on its first three sections including price, production and inputs. All the three sections have equal importance for the organization. The prices of the oil have continuous fluctuations in the international oil market. To make the prices stable the organization require some recommendations. The production of the oil is also an important factor for the organization. The annual rates of the oils are becoming high due to the decline in the world's annual oil production. The composition of inputs is also an important factor for the organization. The production of the organization depends on the level of inputs utilized for the production of the oil. The organization requires some final recommendation for price, production and composition of inputs.
Final Recommendations for Price
Pricing the petroleum is the most important section for the Organization of Petroleum Exporting Countries. There are great variations in the pricing of the petroleum products. These variations in the price of petroleum products are due to the difference in tax policies of different petroleum consuming nations. The ...
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