The format is short answers. I will like you to write in full sentences. Below you will find 5 questions. You are to answer all of
them. When I ask you to discuss, please provide arguments for and against.You will be graded on mastery of the subject
matter, the logic of your arguments and the use of the vocabulary related to oil and the oil industry, we have exercised in
Please answer the following questions:
1) How is the price of oil determined?
2) Oil companies: what is the difference between a âmajorâ and an âindependentâ (or âminorâ) oil company?
3) Why was OPEC formed and how does the organization influence the price of oil.
4) OPEC is said to be a cartel. Explain what a cartel is. Furthermore, discuss who benefits and who looses from having
cartels within e.g. the oil industry.
5) Discuss the strategic reasons you believe lies behind the decision in UAE to build a Nuclear Power plant.
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