• Based on this point Clearly state what the article is about and its purpose.
• Describe how you will use it in your upcoming assignment because this points needs to be explain in the next papers.

The market structure for oil industry

The supply and demand for oil in that market structure

The pricing of oil at the presence of OPEC and the role of Speculators

Why shale oil is a substitute for oil and explain the news regarding the Cross elasticity of demand. (Chapter 3)

Examples';;;

Brown, S. P., & Huntington, H. G. (2017). OPEC and world oil security.Energy Policy, 108, 512-523.

6. This article discusses the objectives and functions of OPEC in the oil market. The article then proceeds to discuss the actions of OPEC, how it influences oil prices and oil security, and its involvement in oil economics. The information from this article will be used to briefly explain the market structure of the oil industry, but mainly the impact OPEC has on global oil prices and price fluctuations.