Explain using PESTLE framework to exllain oil industry that: - Identify external trends that may have an impact on the chosen industry?Assess whether the identified impact will be positive or negative?Determine the time frame that the impact will be relevant (short term, medium term or long term)

PESTLE(PESTEL) External Factors (No Direct Control) Political Environment/Government - How does current 1 future government policy affect the industry Economics - Exchange rates, economic growth/stability/inflation/unemployment/labor availability in your market Social - Demographics, Psychographics, Culture, Sociological Technology - stability/dynamism of core/peripheral technology Environment - How does the natural environment affect the industry or your business Legal - Regulatory/Legal