“OPEC is the abbreviation for “Organization of the Petroleum Exporting Countries”. The following countries are members of this organization: Algeria, Angola, Ecuador, Gabon, Iraq, Iran, Qatar, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC https://www.statista.com/statistics/265205/oil-production-in-opec-countries-in-barrels-per-day/ is to coordinate the oil policies of its member states. The OPEC was founded in 1960 in Baghdad, Iraq
The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) Basket. https://www.statista.com/statistics/277914/monthly-average-prices-of-the-opec-crude-oil-basket/ This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between given maxima and minima.
The OPEC Basket is one of the most significant benchmarks for crude oil prices worldwide. The most important benchmarks are UK Brent, West Texas Intermediate (WTI), https://www.statista.com/statistics/209641/average-annual-spot-price-of-wti-and-brent-crude-oil/
and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market.
Statista, 2020, “Average annual OPEC crude oil price from 1960 to 2019”, https://www.statista.com/statistics/262858/change-in-opec-crude-oil-prices-since-1960/
(Accessed Jan-2020)
INSTRUCTIONS
Task: The Variability of the Price of Crude Oil
Produce and present a PowerPoint presentation on the impact of the crude oil prices from 1960 – 2019 (derived from statistical data provided). During the presentation you need to carry out the following:
- Find the average, range, mode and standard deviation of crude oil in USD per barrel oil over the following year-periods:
(a)1960 – 1973
(b)1974 – 1985
(c)1986 – 2004
(d)2005 – 2010
(e)2010 – 2019
Present your results in a tabular form and graphical form suitable for a 10-minute presentation (using Excel)
- Describe the possible impacts of price variations from 2010 – 2019 with regards to the
- A country’s Gross Domestic Product (GDP)
- An exploration and production companies’ operations
Word count: 500 words for parts 2(a) and 2(b) combined.
Completion of this assignment will address the following outcomes:
- Demonstrate appropriate techniques for collecting, handling and analysing data;
- Present information in various modes e.g. written, graphical, appropriate to the audience and the subject matter;
- Develop skills and knowledge in higher education research techniques appropriate for energy topics.
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