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OPEC – 2013 MONTHLY REPORT

OPEC – 2013 MONTHLY REPORT. HOMEWORK TASK Date Set: Tuesday 22 nd Jan 2013 Date Due: Monday 4 th Feb 2013 (4:00pm). MARKING CRITERIA Mastery of Key Facts & Concepts – Weight 5. .

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OPEC – 2013 MONTHLY REPORT

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  1. OPEC – 2013 MONTHLY REPORT HOMEWORK TASK Date Set: Tuesday 22nd Jan 2013 Date Due: Monday 4th Feb 2013 (4:00pm)

  2. MARKING CRITERIA Mastery of Key Facts & Concepts – Weight 5.

  3. The graphs included in this PowerPoint are sourced from the OPEC January 2013 Monthly Oil Report. This 80 page PDF document is on my wiki page. This report may help you complete this homework, but other sources will also be required. You must type up your answers and include a bibliography for all sources.

  4. 1a. Why has there been a contraction in European oil demand? (1 mark) 1b. Why is there strong oil demand in China? (1 mark) Source: OPEC January 2013 Report – p3

  5. What do they mean by the OPEC Basket? (Research) (2 marks) Why is WTI crude cheaper the Brent Dated crude oil? (Research) (2 marks)

  6. What are Nymex WTI futures? (Research) or What are oil futures? In an extended response of about 150 words define term “oil futures”, and explain how investors can profit from their trade in this industry. (5 marks)

  7. 5. In a response of about 100 words, explain the meaning of this graph. Ensure you explain the meaning of the terms mentioned in the graph. (3 marks)

  8. Define the term “commodity” in an international trade context. (1 mark) In the above table, 2005 = 100. What does this mean? (1 mark) 8a. Which commodity experienced the greatest decline in price from Oct to Dec 12? (1 mark) 8b. Which commodity experienced the greatest increase in price from Oct to Dec 12? (1 mark) If these figures are for an international audience, why is the price of Australian coal important? (2 marks)

  9. Explain the trends in the crude oil price index, in comparison to other indices. (2 marks)

  10. 11. In an extended response of about 150 words briefly outline the history and purpose of the London Metal Exchange. (5 marks)

  11. 12. Based on the figures from 2008 to 2012, how does the investment in agriculture compare to WTI crude oil. Write a response of about 100 words to identify key trends. (4 marks)

  12. 13a. What is the OECD? Which countries are members? (2 marks) 13b. Why do you think its growth rate is lower than the world average? (1 mark) 14a. How many countries make up the Euro-zone? (1 mark) 14b. Why is the outlook for these countries so low? (1 mark)

  13. 15. In an extended response of about 150 words, briefly outline the history and purpose of the Institute for Supply Management. (5 marks)

  14. The PMI index is mentioned in this graph. What is the PMI? Explain how the index is constructed. Why is it a good indicator of economic activity? (5 marks)

  15. Define the term current account balance. (2 marks) Suggest reasons why China & Russia have a positive balance, and Brazil & India have a negative result. (2 marks)

  16. The graph above highlights that Brazil has experienced a recession. True or False. Justify your answer. (2 marks) Why should interest rates be above the inflation rate? (2 marks)

  17. What does SAAR stand for in the above diagram? (1 mark) Describe the relationship between economic growth and inflation, as evident in this graph. (3 marks)

  18. What would discourage savings in India? (2 marks) How would you describe Indian GDP growth in comparison to China’s? Identify key trends. (3 marks)

  19. 25. What has been the average economic growth rate in Russia from 2010 to 2012? (2 marks) 26. Suggest two reasons why Russia has experienced positive economic growth during the period, when most countries in Europe are in a recession or have very low growth rates. (2 marks)

  20. 27a. What does the abbreviation FSU stand for? (1 mark) 27b. What does m b/d stand for? (1 mark) 27c. What does DCs stand for? (1 mark) An Asia-Pacific category is included, but also an “Other Asia”. Why does “other Asia” have a stronger demand than Asia Pacific? (1 mark)

  21. 29. What predictions are made regarding 2013 growth? (2 marks)

  22. 30a. What is LPG? What is it used for? (2 marks) 30b. What is the purpose of Jet/Kero? (1 mark) 30c. What are residual fuels? (1 mark) 30d. What is naphtha? (1 mark) 30e Why is gasoline a smaller percentage of demand than gas/diesel oil? (2 marks)

  23. Why does Brazil have the strongest oil demand in Latin America? (1 mark) 32a. What other major country in Latin America is not included here? (1 mark) 32b. In which grouping is this country most likely classified? (1 mark)

  24. Q33. During which months does Chinese oil demand peak and decline? (as a general statement) Suggest reasons for this trend? (2 marks)

  25. In 2013, China will represent what percentage of total oil demand? (Note: a few, easy calculations are required here) (2 marks)

  26. Q35. What are the top 3 OPEC countries, based on oil production? (2 marks) Q36. Which countries have the greatest difference in production figures when comparing secondary sources and direction communication? Suggest reasons for this difference. (2 marks)

  27. Q37a. What does LHS stand for? (1 mark) Q37b. What does RHS stand for? (1 mark) Q38. How does World Supply compare to OPEC crude production? (2 marks) Q39. What are the top 3 non OPEC oil producers? (3 marks)

  28. Q40. What do they mean by refining margins? (2 marks)

  29. Q41. Which country/region has the highest and lowest utilization rate? (2 marks) Q42. Suggest one reason for this differential between the highest and lowest country? (2 mark)

  30. Q43. What do they mean by “crack spreads” in the above graph? (2 marks)

  31. Q44. In graph 8.2, the abbreviation tb/d is used. This means.. (1 mark) Q45. If the US does not have enough oil to meet domestic demand, why does the US export crude and petroleum products? (2 marks)

  32. Q46a. For all of 2012, what percentage of total world oil supply came from OPEC countries? (1 mark) Q46b. What percentage came from non OPEC countries? (1 mark) Q47. OPEC had surplus oil on the market during 2012. True or False. Justify your answer with evidence from the table. (2 marks)

  33. Q48a. By how much is oil demand predicted to increase in 2013, when compared to the 2012 data? (1 mark) Q48b. What is the predicted difference between 2012 & 2013 regarding OPEC supply? (1 mark)

  34. Q49. During 2012 OPEC produced too much oil for world demand. (True or False. Justify your answer) (2 marks) Q50. What can you say about the about 2013 predicted demand? (2 marks)

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