Energy Players

Question 1

Name X5 energy players

Answer 1

• OPEC / cartels
• public consumers
• governments
• TNCs
• industry

Question 2

When did Indonesia leave OPEC?

Answer 2

2008

Question 3

Why did Indonesia leave OPEC?

Answer 3

because they were no longer a net-exporter of oil

Question 4

In 2008 election which party opposed the opening up of the Arctic National Wildlife Refuge to Oil and Gas exploration?

Answer 4

Democrats

Question 5

What did the Democrats oppose in 2008 which Republicans accused them for raising energy prices with?

Answer 5

opening up the Arctic National Wildlife Refuge to exploitation

Question 6

What geopolitical threat in 2008 pushed up oil prices in relation to Israel?

Answer 6

Israel threatened to attack Iran

Question 7

How many members are in OPEC?

Answer 7

12

Question 8

Name X6 OPEC members

Answer 8

Iran, Iraq, UAE, Nigeria, Ecuador, Libya

Question 9

Qualification to be an OPEC member;

Answer 9

• net exporter of oil

- must agree to quota / pricing rules

Question 10

When was OPEC formed? With what agenda?

Answer 10

1960

protect the interests of oil producing countries

Question 11

X4 key aims of OPEC

Answer 11

• protect member interests
• coordinate stable prices + avoid fluctuations
• regular supply to consumers
• fair return for investors

Question 12

Critics may see OPEC as monopolising the market and being a …

Answer 12

cartel

Question 13

What fraction of the world’s oil reserves does OPEC hold?

Answer 13

2/3

Question 14

What % of global crude oil production does OPEC control?

Answer 14

45%

Question 15

OPEC has been accused of holding back supply in order to do what to prices?

Answer 15

raise prices

Question 16

How many barrels a day of oil does Saudi produce more than the 2nd largest OPEC member?

Answer 16

5.5million barrels more than 2nd place

Question 17

X3 major oil producing but non-OPEC countries

Answer 17

Canada USA Russia

Question 18

How many of the top 5 oil companies are state owned?

Answer 18

3

Question 19

What are government controlled oil companies essentially part of?

Answer 19

their governments arm of foreign policy

Question 20

Private companies and political influence - what is the relationship?

Answer 20

private companies relatively free from political influence

yet private companies HAVE political influence

Question 21

example of private companies having political influence in the USA

Answer 21

US elections since 1990:

oil and gas companies have invested $180million +

Question 22

what % of oil and gas company funding goes towards Republican campaigns since 1990?

Answer 22

75%

Question 23

What was an example of where a corporation lobbied the government and was successful in relation to land?

Answer 23

Exxon Mobil lobbied US govnerment for access to federal land and was successful

Question 24

What did Koch industries contribute in 2008’s presidential race?

Answer 24

$942,000

Question 25

The majority of top 20 energy companies have what type of operations? What does this demonstrate?

Answer 25

increasingly diverse range of energy activities shows they recognise the demise of fossil fuels and their volatility

Question 26

Name a company with 100% state ownership which is the largest oil corporation globally

Answer 26

Saudi Aramco

Question 27

Out of the OPEC nations who is the top exporter by volume to the USA?

Answer 27

Nigeria

Question 28

Which OPEC nation has the USA historically not sourced oil from?

Answer 28

Iran

Question 29

What is notable about the top 6 OPEC suppliers of oil for the USA?

Answer 29

3 are African

Question 30

What does the fact that the USA's top oil suppliers are not all from OPEC and are not concentrated in the middle east suggest?

Answer 30

they are trying to diversify regions of supplies and are not reliant on OPEC cartel

Question 31

X3 disadvantages of OPEC for consumers;

Answer 31

- collectively OPEC may raise prices - may withhold information (e.g about new reserves) - may deliberately restrict output

Question 32

X3 disadvantages of OPEC for members;

Answer 32

- may be forced to adopt same policy as other members - may be enthused by high profits, leading to overproduction - may have to lie about proven reserves to increase quota and earn petrodollars

Question 33

Name X3 factors that can influence how long oil and gas reserves will last

Answer 33

- how we react to global warming - whether we continue with business as usual or become more efficient - whether technology allows us to find new reserves

Question 34

Campbell's quote on energy and fossil fuels

Answer 34

"the glass starts full and ends up empty - the faster you drink it, the quicker its gone"

Question 35

What are estimates of global reserves largely reliant on?

Answer 35

large amount of honesty from countries

Question 36

What did Goldman Sachs declare oil companies as in the 1990s - what does this suggest about oil?

Answer 36

a 'dying industry' clearly it is not yet - shows new reserves and technology constantly allowing oil to go further

Question 37

Define : proven reserves

Answer 37

reserves with a high standard of evidence and only represent oil which is economically and technologically extractible now

Question 38

Why is proven reserves not a useful statistic for how long reserves will last?

Answer 38

only looks at oil technologically and economically extractable now

Question 39

What have OPEC countries been accused of doing in terms of reserves?

Answer 39

systematically over-estimating to be allowed larger quotas

Question 40

What did Carlyle suggest about OPEC reserve estimates?

Answer 40

"no one should trust OPEC reserve estimates"

Question 41

Where was a large oil field discovered in S.America? How much oil was there?

Answer 41

In Brazil 2km below seabed | 150billion barrels worth

Question 42

Inevitable factors contributing to decrease in energy security;

Answer 42

- increase in energy demand - increase in population - possibility of peak oil - concentration of oil production in middle east as elsewhere reaches peak oil

Question 43

Factors which can increase energy security;

Answer 43

- discovery of new energy technology - switch to renewables - undiscovered oil / gas reserves - contribution of 'unconventional' sources - greater energy efficiency

Question 44

How many years of crude oil do we have left at current estimates (2016)?

Answer 44

53.3years

Question 45

How many barrels of oil does it take to produce a car?

Answer 45

20

Question 46

How many billions of cars are there globally?

Answer 46

1.2billion