1. What conditions facilitate the formation of a cartel? Which of these conditions were to be found in the oil market in (a) the early 1970s; (b) the mid-1980s; (c) the mid-2000s; (d) 2016?

2. Could OPEC have done anything to prevent the long-term decline in real oil prices seen from 1981 to 2002?

3. Does the increased demand seen from China and India imply that the era of cheap energy is over? What impact could technology have in the long run on (a) demand; (b) supply?