OPEC
OPEC member nations currently supply about 40% of the world’s crude oil and 16% of its natural gas. OPEC nations possess about 79% of the world’s total proven crude oil reserves and 44% of the world’s crude oil production. This means that OPEC effectively seeks to operate as a cartel, determining supply so as to…
Iron ore
Iron ore, along with coking coal, is one of the raw materials used in the process to make steel. Steel needs equal parts of iron ore and coking coal and as we all now know, China has limited amounts of quality coal and iron ore and became increasing reliant on imports to meet their steel…
