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e. Finally, think about self-fulfilling prophecies. Imagine that a leaked memo reveals a plan by the Organization of the Petroleum Exporting Countries (OPEC, an oil
e. Finally, think about self-fulfilling prophecies. Imagine that a leaked memo reveals a plan by the Organization of the Petroleum Exporting Countries (OPEC, an oil cartel) to announce, a few weeks from today, new oil-production cuts. What would be the likely immediate effect on global oil prices? Explain. Be sure to refer in your answer to the global oil market, and to at least one of the curves (S or D) and the direction(s) of curve moment, if any. [1 line]
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