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No. OPEC has made a political and economic decision to pump out less oil than they could theoretically pump out to keep prices high and allow for more profit to go their companies. If an organization like OPEC existed for any other substance, it would be an international cartel subject to open prosecution.
What else can I help you with?
Why is oil sometimes difficult to get from middle east and more expensive?
The oil is so expensive because our oil comes from the Persian Gulf and is shipped here. Since oil is originally from that area, it's pretty expensive. The distance is not the major factor in the price of a barrel of oil. The most important factors are the limited production of OPEC and the uncertainty caused by constant wars in the Middle East.
Who imports oil into the middle east?
Well actually, in the Middle East, Saudi Aarabia specialize in oil. So they are the ones who exports oil they do not import. But, if other Middle Eastern countries don't have oil, then they get the oil from Saudi Arabia. The oil is very expensive too! In the case of Israel, Israel imports oil from Egypt and from outside of the Middle East because other Middle Eastern countries do not have trade relations with Israel.
What is more expensive middle east oil or north sea oil?
North Sea oil is typically more expensive than Middle East oil due to the higher production costs associated with extracting oil from offshore platforms in the North Sea. Middle East oil, on the other hand, is often produced at lower costs per barrel due to the region's abundant reserves and lower extraction costs.
How has oil benefitted the lives of those living in the middle east?
Oil has benefited the lives of many living in the Middle East because it has made people with land rights very wealthy. Much of the Middle East is a dry arid climate that is difficult to farm, so having a natural resource like oil can be very profitable.
Why should the US be concerned about what happens in the middle east?
Because the Middle East has oil, and if war breaks out, the oil prices will rise, therefore making it more expensive for the United States and the rest of the world to get it. Additionally, because the people in the Middle East are humans too with hopes, dreams, and desires. Caring is altruistic.
Why is the middle east said to have a comparative advantage in producing oil?
Middle East nations can produce oil less expensivelyNova Net Answer: Middle east nations can produce oil less expensively.
Why was the middle east said have a comparative advantage in producing oil?
Middle East nations can produce oil less expensivelyNova Net Answer: Middle east nations can produce oil less expensively.
Where does the US get much of it oil from?
the Middle East
Do they buy the oil from middle east?
Many countries by oil from the middle east. (70% of all countries) :)
Where does the United states get much of its oil from?
Middle East
What country in the middle east is the leading producer of oil?
Saudi Arabia is the leading producer of oil in the Middle east.
What is the Middle East nation that you get oil from?
Nations around the Persian Gulf are the big producers of oil in the Middle East.
