Petroleum is a naturally occurring yellowish-black liquid mixture. It consists mainly of hydrocarbons, and is found in geological formations. The term petroleum refers both to naturally occurring unprocessed crude oil, as well as to petroleum products that consist of refined crude oil.
The economy of Qatar is one of the highest in the world based on GDP per capita, ranking generally among the top ten richest countries on world rankings for 2015 and 2016 data compiled by the World Bank, the United Nations, and the International Monetary Fund (IMF). The country's economy has grown despite sanctions by its neighbors, Saudi Arabia and the United Arab Emirates. Mainly because the country exports primarily to Japan, South Korea, India and China, making the sanctions effectively redundant as neither Saudi Arabia nor the United Arab Emirates have imposed trading penalties such as tariffs or embargoes on any of these countries for trading with Qatar, or offering incentives such as discounts for their own energy exports to reduce Qatari exports.
The Organization of the Petroleum Exporting Countries is a cartel enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize profit. It was founded on 14 September 1960, in Baghdad by the first five members which are Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The organization, which currently comprises 12 member countries, accounted for an estimated 30 percent of global oil production. A 2022 report further details that OPEC member countries were responsible for approximately 38 percent of it. Additionally, it is estimated that 79.5 percent of the world's proven oil reserves are located within OPEC nations, with the Middle East alone accounting for 67.2 percent of OPEC's total reserves.
John K. Defterios is an American journalist best known for his work at CNN. He was CNN Business Emerging Markets Editor on CNN International. He left the company in May 2021, after 35 years.
The price of oil, or the oil price, generally refers to the spot price of a barrel of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil, Isthmus, and Western Canadian Select (WCS). Oil prices are determined by global supply and demand, rather than any country's domestic production level.
Russia's energy policy is presented in the government's Energy Strategy document, first approved in 2000, which sets out the government's policy to 2020. The Energy Strategy outlines several key priorities: increased energy efficiency, reducing the impact on the environment, sustainable development, energy development and technological development, as well as improved effectiveness and competitiveness. Russia's greenhouse gas emissions are large because of its energy policy. Russia is rich in natural energy resources and is one of the world's energy superpowers. Russia is the world's leading net energy exporter, and was a major supplier to the European Union until the Russian invasion of Ukraine. Russia has signed and ratified the Kyoto Protocol and Paris Agreement. Numerous scholars posit that Russia uses its energy exports as a foreign policy instrument towards other countries.
Abdullah bin Hamad Al Attiyah is the former deputy prime minister of Qatar and the head of the Emir's court. From September 1992 to January 2011, Attiyah was Qatar's minister of energy and industry.
Sources include: Dow Jones (DJ), New York Times (NYT), Wall Street Journal (WSJ), and the Washington Post (WP).
The International Energy Forum (IEF) is an inter-governmental, non-profit international organisation which aims to foster greater mutual understanding and awareness of common energy interests among its members. The 73 Member Countries of the Forum are signatories to the IEF Charter, which outlines the framework of the global energy dialogue through this inter-governmental arrangement.
Iran is an energy superpower and the petroleum industry in Iran plays an important part in it. In 2004, Iran produced 5.1 percent of the world's total crude oil, which generated revenues of US$25 billion to US$30 billion and was the country's primary source of foreign currency. At 2006 levels of production, oil proceeds represented about 18.7% of gross domestic product (GDP). However, the importance of the hydrocarbon sector to Iran's economy has been far greater. The oil and gas industry has been the engine of economic growth, directly affecting public development projects, the government's annual budget, and most foreign exchange sources.
Energy in Qatar describes energy production, consumption, and policies of the State of Qatar. The International Monetary Fund ranked Qatar as having the fifth highest GDP per capita in 2016 with a 60,787 USD per capita nominal GDP over a population of 2.421 million inhabitants. In 2014, oil and natural gas production made up 51.1% of Qatar's nominal GDP. Thus, Qatar has a worldwide high ranking of per capita GDP due to its significance production and exports in both crude oil and natural gas in proportion to its relatively small population.
The No Oil Producing and Exporting Cartels Act (NOPEC) was a U.S. Congressional bill, never enacted, known as H.R. 2264 (in 2007) and then as part of H.R. 6074 (in 2008). NOPEC was designed to remove the state immunity shield and to allow the international oil cartel, OPEC, and its national oil companies to be sued under U.S. antitrust law for anti-competitive attempts to limit the world's supply of petroleum and the consequent impact on oil prices. Despite popular sentiment against OPEC, legislative proposals to limit the organization's sovereign immunity have so far been unsuccessful. "Varied forms of a NOPEC bill have been introduced some 16 times since 2000, only to be vehemently resisted by the oil industry and its allied oil interests like the American Petroleum Institute and their legion of 'K' Street Lobbyists."
Saad Sherida al-Kaabi is the current Minister of Energy in Qatar, and the President and CEO of QatarEnergy, the state owned corporation which operates all oil and gas activities in the State of Qatar.
The Joint Organisations Data Initiative (JODI) is an international collaboration to improve the availability and reliability of data on petroleum and natural gas. First named the "Joint Oil Data Exercise", the collaboration was launched in April 2001 with six international organisations: Asia-Pacific Economic Cooperation (APEC), Statistical Office of the European Communities (Eurostat), International Energy Agency (IEA), Latin American Energy Organization (OLADE), Organization of the Petroleum Exporting Countries (OPEC), and United Nations Statistics Division (UNSD). In 2005, the effort was renamed JODI, joined by the International Energy Forum (IEF), and covered more than 90% of the global oil market. The Gas Exporting Countries Forum (GECF) joined as an eighth partner in 2014, enabling JODI also to cover nearly 90% of the global market for natural gas.
The 3rd GECF summit was a biennial Gas Exporting Countries Forum summit, an international relations conference attended by the heads of state or heads of government of most member states of the GECF. The summit was held in Tehran, Iran, the first time the city has hosted the summit. Iran assumed the chair of the GECF from Russia on 1 January 2014.
The 2010s oil glut was a significant surplus of crude oil that started in 2014–2015 and accelerated in 2016, with multiple causes. They include general oversupply as unconventional US and Canadian tight oil production reached critical volumes, geopolitical rivalries among oil-producing nations, falling demand across commodities markets due to the deceleration of the Chinese economy, and possible restraint of long-term demand as environmental policy promotes fuel efficiency and steers an increasing share of energy consumption away from fossil fuels.
Azerbaijan–Equatorial Guinea relations are the bilateral relations between Azerbaijan and Equatorial Guinea.
Higher energy prices pushed families into poverty, forced some factories to curtail output or even shut down, and slowed economic growth. It was estimated in 2022 that an additional 11 million Europeans could be driven to poverty due to energy inflation. Europe's gas supply is uniquely vulnerable because of its historic reliance on Russia, while many emerging economies have seen higher energy import bills and fuel shortages.
