What would be the effect of ANWR production on the world price of oil given that

ε = -0.25, η = 0.25 (Baumeister and Peersman, forthcoming), the pre-ANWR daily world production of oil is Q1 = 90 million barrels per day, the pre-ANWR world price is p1 = $100 per barrel, and daily ANWR production would be 0.8 million barrels per day?12 For simplicity, assume that the supply and demand curves are linear and that the introduction of ANWR oil would cause a parallel shift in the world supply curve to the right by 0.8 million barrels per day.