a.Briefly describe the current situation facing the global oil sector.

b.What is OPEC and how would it be described in economic terms?

c.Read about the current relationship between Saudi Arabia and Russia. In economic terms, describe what is occurring.

d.Suppose members of the United States, Mexico, and Canada trade agreement (USMCA) agree to reduce imports of foreign oil and set a price floor for North American oil. Briefly describe the impact this might have for Alberta oil producers, and for Canadian oil consumers.