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Second Oil Shock
A drop in oil production in the wake of the Iranian revolution led to an energy crisis in 1979. Although the global oil supply only decreased by approximately four percent, the oil markets' reaction raised the price of crude oil drastically over the next 12 months, more than doubling it to . The sudden increase in price was connected with fuel shortages similar to the 1973 oil crisis. In 1980, following the onset of the Iran–Iraq War, oil production in Iran fell drastically. Iraq's oil production also dropped significantly, triggering economic recessions worldwide. Oil prices did not return to pre-crisis levels until the mid-1980s. Oil prices after 1980 began a steady decline over the next 20 years, except for a brief uptick during the Gulf War, which then reached a 60% fall-off in the 1990s. Mexico, Nigeria, and Venezuela's major oil exporters expanded their production during this time. The Soviet Union became the largest oil producer in the world, and oil from the Nort ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oil Production
Petroleum is a fossil fuel that can be drawn from beneath the Earth's surface. Reservoirs of petroleum are formed through the mixture of plants, algae, and sediments in shallow seas under high pressure. Petroleum is mostly recovered from oil drilling. Seismic surveys and other methods are used to locate oil reservoirs. Oil rigs and oil platforms are used to drill long holes into the earth to create an oil well and extract petroleum. After extraction, oil is refined to make gasoline and other products such as tires and refrigerators. Extraction of petroleum can be dangerous and has led to oil spills. Locating the oil field Geologists and geophysicists use seismic surveys to search for geological structures that may form oil reservoirs. The "classic" method includes making an underground explosion nearby and observing the seismic response, which provides information about the geological structures underground. However, "passive" methods that extract information from naturally ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Worker
Foreign workers or guest workers are people who work in a country other than one of which they are a citizen. Some foreign workers use a guest worker program in a country with more preferred job prospects than in their home country. Guest workers are often either sent or invited to work outside their home country or have acquired a job before leaving their home country, whereas migrant workers often leave their home country without a specific job in prospect. Tens of millions of people around the world operate as foreign workers. As of 2018, according to reports from the Bureau of Labor Statistics, there is an estimated 28 million foreign-born workers in the United States, which draws most of its immigrants from Mexico, including 4 or 5 million undocumented workers. In 2016, over 15 million foreign workers lived in the European Union, half a million in Japan, and around 5 million in Saudi Arabia. Between January and June in 2019, 2.4 million foreigners arrived to work in Russi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Swing Producer
A swing producer or swing supplier is a supplier or a close oligopolistic group of suppliers of any commodity, controlling its global deposits and possessing large spare production capacity. A swing producer is able to increase or decrease commodity supply at minimal additional internal cost, and thus able to influence prices and balance the markets, providing downside protection in the short to middle term. Examples of swing producers include Saudi Arabia in oil, Russia in potash fertilizers, and, historically, the De Beers Company in diamonds. Modes By modeling the swing producer behavior, John Morecroft describes two modes: normal swing mode and punitive mode. Usually in the normal mode, the swing producer responds to market price fluctuations by marginally increasing or decreasing its output in order to maintain stable prices for all producers. However, independent participants can take unjust advantage of the reduced supply and increase their output in order to win a larger ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mana Al Otaiba
Mana Al Otaiba (; born 15 May 1946 in Abu Dhabi, United Arab Emirates), son of Saeed Al Otaiba, is the former Minister of Petroleum and Mineral Resources of the United Arab Emirates under the presidency of Sheikh Zayed bin Sultan Al Nahyan. Al Otaiba then became his Personal Adviser until the president's death, after which he became the Private Advisor to Sheikh Khalifa bin Zayed Al Nahyan, as well as a member of the Royal Moroccan Academy under King Hassan II. Biography Mana Al Otaiba served as President of OPEC six times, for its 26th, 52nd, 53rd, 54th, 62nd and 63rd conferences, held during 1971–1983. Al Otaiba is the former chair of Noor Capital, a firm dealing in asset management, private equity, investment banking, investment placement and direct equity. He is also a major shareholder in Abu Dhabi Group, a company with holdings in real estate, banking, Islamic banking, telecommunication, ISP, manufacturing, pharmaceuticals, hotels and tourism, as well as being a maj ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Saudi Arabia
Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in West Asia. Located in the centre of the Middle East, it covers the bulk of the Arabian Peninsula and has a land area of about , making it the List of Asian countries by area, fifth-largest country in Asia, the largest in the Middle East, and the List of countries and dependencies by area, 12th-largest in the world. It is bordered by the Red Sea to the west; Jordan, Iraq, and Kuwait to the north; the Persian Gulf, Bahrain, Qatar and the United Arab Emirates to the east; Oman to the southeast; and Yemen to Saudi Arabia–Yemen border, the south. The Gulf of Aqaba in the northwest separates Saudi Arabia from Egypt and Israel. Saudi Arabia is the only country with a coastline along both the Red Sea and the Persian Gulf, and most of Geography of Saudi Arabia, its terrain consists of Arabian Desert, arid desert, lowland, steppe, and List of mountains in Saudi Arabia, mountains. The capital and List of cities ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
OPEC
The Organization of the Petroleum Exporting Countries (OPEC ) is an organization enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize Profit (economics), profit. It was founded on 14 September 1960 in Baghdad by the first five members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The organization, which currently comprises 12 member countries, accounted for 38 percent of List of countries by oil production, global oil production, according to a 2022 report. 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.Organization of the Petroleum Exporting Countries. (2023). ''OPEC Annual Statistical Bulletin'' (58th ed.), 90 pages. Retrieved from https://asb.opec.org/. ISSN: 0475-0608. (See pages 7 and 22). In a series of steps in the 1960s and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Iran
Iran, officially the Islamic Republic of Iran (IRI) and also known as Persia, is a country in West Asia. It borders Iraq to the west, Turkey, Azerbaijan, and Armenia to the northwest, the Caspian Sea to the north, Turkmenistan to the northeast, Afghanistan to the east, Pakistan to the southeast, and the Gulf of Oman and the Persian Gulf to the south. With a Ethnicities in Iran, multi-ethnic population of over 92 million in an area of , Iran ranks 17th globally in both List of countries and dependencies by area, geographic size and List of countries and dependencies by population, population. It is the List of Asian countries by area, sixth-largest country entirely in Asia and one of the world's List of mountains in Iran, most mountainous countries. Officially an Islamic republic, Iran is divided into Regions of Iran, five regions with Provinces of Iran, 31 provinces. Tehran is the nation's Capital city, capital, List of cities in Iran by province, largest city and financial ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ruhollah Khomeini
Ruhollah Musavi Khomeini (17 May 1900 or 24 September 19023 June 1989) was an Iranian revolutionary, politician, political theorist, and religious leader. He was the founder of the Islamic Republic of Iran and the main leader of the Iranian Revolution, which overthrew Mohammad Reza Pahlavi, and served as the first supreme leader of Iran, the highest-ranking political and religious authority of the Islamic Republic until Death and state funeral of Ruhollah Khomeini, his death in 1989. Born in Khomeyn, in what is now Iran's Markazi province, his father was murdered when Khomeini was two years old. He began studying the Quran and Classical Arabic, Arabic from a young age assisted by his relatives. Khomeini became a high ranking cleric in Twelver Shi'ism, an ''ayatollah'', a ''marja''' ("source of emulation"), a ''Ijtihad#Qualifications of a mujtahid, mujtahid'' or ''faqīh'' (an expert in ''fiqh''), and author of more than 40 books. His opposition to the White Revolution result ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ayatollah
Ayatollah (, ; ; ) is an Title of honor, honorific title for high-ranking Twelver Shia clergy. It came into widespread usage in the 20th century. Originally used as a title bestowed by popular/clerical acclaim for a small number of the most distinguished ''marja' at-taqlid'' ''mujtahid'', it suffered from "inflation" following the 1979 Iranian Revolution when it came to be used for "any established mujtahid".Momen, ''An Introduction to Shi'i Islam'', 1985, p.205-6 By 2015 it was further expanded to include any student who had passed their Mujtahid final exam, leading to "thousands" of Ayatollahs. The title is not used by the Sunni Islam, Sunni community of Iran. In the Western world – especially after the Iranian Revolution – it was associated with Ruhollah Khomeini, who was so well known as to often be referred to as "The Ayatollah". Etymology The title is originally derived from the Arabic word Grammatical modifier#Premodifiers and postmodifiers, post-modified with t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shapour Bakhtiar
Shapour Bakhtiar (, ; 26 June 19146 August 1991) was an Iranian politician who served as the last Prime Minister of Iran under the rule of Mohammad Reza Pahlavi. In the words of the historian Abbas Milani: "more than once in the tone of a jeremiad he reminded the nation of the dangers of clerical despotism, and of how the fascism of the mullahs would be darker than any military junta." In 1991, he and his secretary were murdered in his home in Suresnes, France, by agents of the Islamic Republic. Early life Bakhtiar was born on 26 June 1914 in southwestern Iran into a family of Iranian tribal nobility, the family of the paramount chieftains of the then powerful Bakhtiari tribe. His father, Mohammad Reza Khan (''Sardar-e-Fateh''), and his mother, Naz-Baygom, were both Lurs and Bakhtiaris. Bakhtiar's maternal grandfather, Najaf-Gholi Khan Samsam ol-Saltaneh, had been appointed prime minister twice, in 1912 and 1918. Bakhtiar's mother died when he was seven. His father was execu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
