Oilremainedtheworld'sleadingfuel,accountingforathirdofglobalenergyconsumption. Global oil consumption growth averaged 1.6 million barrels per day (Mb/d) in 2016. The globalconsumptionin2017isestimatedtobe97.7mb/dandexpectedtoincreasein2018 to98.9mb/d.Theoilprices isslowlyrecoveringfromthelowestofUS27.67/barrelatone point in 2016. The price estimated to average US53/barrel in 2017 and for 2018 it is estimated to beUS$56/barrel.

Required:

1. Withtheaidofdemandandsupplydiagram, analysetheimpact ofthefollowingeventson the equilibrium price andquantity.
2. Due to La Nina effect, the northern hemisphere is expected to experience severe coldweatherinthis winter. (4Marks)
3. Animprovementonthetechnologyofextractingshale oil.(4 marks)
4. Politicalconflictinamajoroilproducing country. (4 marks)
5. Nuclearpowerplant accidentsduetoearthquake.(4 Marks)