Petrol Malaysia

What is OPEC? OPEC stands for the Organization of Petroleum Exporting Countries. It is an intergovernmental organization, created in 1960 at the behest of Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. These five countries are commonly called the Founding Countries of OPEC. If you stare hard enough at the OPEC logo, you might see four barrels of oil. Other countries which are members of OPEC include: Qatar (joined 1961),  Indonesia (joined 1962),  Libya (joined 1962),  the United Arab Emirates (joined 1967),  Algeria (joined 1969),  Nigeria (joined 1971),  Ecuador (joined 1973),  Gabon (joined 1975) and  Angola (joined 2007).

According to the Petrol Dealers Association of Malaysia, crude oil is purchased in US Dollars. It's president Datuk Hashim Othman said, "Even though the price of crude has gone down, our ringgit has depreciated, so we're buying at a higher price. All global trade in crude oil is in US dollars. Currency is the main reason." Ironically, Malaysia produces crude oil as well. If oil mined from Malaysia is sold to Malaysian petrol dealers, would it not be cheaper for Malaysians? Can Malaysian crude oil be sold in Malaysian Ringgit to Malaysians?

Dear Reader Malaysia's stock exchange and ringgit currency recently took a beating due to falling oil prices. According to the Star: The plunge follows an Opec decision not to cut production despite a huge oversupply in global markets. ... it [price per barrel] could plunge all the way to US$32.40 per barrel. Oil prices fell to their lowest in five years yesterday due to the production war between Opec and the American oil boom from shale oil producers. In recent months, the United States has become a major producer of shale oil and gas – fuel that’s extracted from rock fragments – threatening the position of Saudi Arabia as the dominant oil-producing country. In response to the threat, Opec, which is influenced by Saudi Arabia, has vowed to continue production of oil in a market where supply has outstripped demand. This has led to a free fall in global oil prices that have declined by more than 40% since July this year. Source Malaysia is a net exporter of oil, and...