An article in the Wall Street Journal in 2019 noted that oil prices had increased to a
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An article in the Wall Street Journal in 2019 noted that oil prices had increased to a 3-month high following an agreement by Russia and the members of OPEC to reduce their oil production by a combined 1.2 million barrels per day. World oil production is over 100 million barrels per day. How could such a small decrease in supply lead to a substantial increase in equilibrium price in the oil market?
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A relatively small decrease in supply such as the 12 million barrels per day reduction agreed upon by Russia and OPEC can lead to a substantial increa...View the full answer
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