This is a paper that is focusing on the Global demand for oil changes and changes in global economies. The paper also provides additional information to use in writing the assignment paper.
Global demand for oil changes and changes in global economies
To complete this project step, address the following:
1. Firstly, based on the information provided from the International Energy Agency (IEA) in the table on the left, examine the supply and demand graph in the space below. This information is helpful for our client ExxonMobil to know how much oil to produce. The graph shows crude oil prices per barrel and the supply and demand for the number of barrels in the united States per day. After you have examined the graph below, identify the price and quantity and price at which equilibrium exists. This information is important for the client to determine the quantity of oil to produce for profit maximization.
2. Secondly, the global demand for oil changes with the changes in global economies. As economic activity increases, the global demand for oil increases.
Examining the supply and demand graph for ExxonMobil
For the past several years, the global demand for oil has increased (https://www.iea.org/oilmarketreport/omrpublic/). As the global demand changes, we can observe this change graphically. What changes are expected in the short-term? To answer this question, please see https://www.eia.gov/outlooks/steo/. Support your statements with research and references.
3. Thirdly, what are potential supply and demand risks in the global oil market? Support your statements with research and references.
4. Fourthly, is the global oil and gas market in a monopoly, oligopoly, or competitive economic model? Why? Support your statements with research and references. Be as descriptive as possible and credit any sources you use.
Remember, ensure that the paper is at least three pages exclusive of the cover and the reference pages. Also, ensure that you include all the references you use in finding research for this assignment paper. References should be at least three for the paper. All references, citation, and writing should follow the APA formatting and styling guidelines. Finally, ensure you focus on the assignment topic in detail.