Oil prices were very volatile. Recently, oil prices have fallen from mid-2014 to early_2016 from $110 a barrel to around $27. This sharp decline is due to a number of reasons. The main reason was the lifting of sanctions on Iran, which pumped large quantities of oil into the market. In addition, growing concerns about climate change, along with the emergence of alternative energy technologies, have allowed producers to produce very large quantities of petroleum. Explain the case study according to the laws of supply and demand