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Saudi Arabia is one of the world's largest suppliers of oil and, as such, they continually monitor the world price of it . In 2

Saudi Arabia is one of the world's largest suppliers of oil and, as such, they continually monitor the world price of it. In 2022 that price was $100 per barrel (42 gallons) and the Saudis produced 10.5 million barrels of oil for the world market. Recently, the price has been around $70 per barrel and the Saudis have reduced the amount of oil they are producing to 9.5 million barrels per year. Using the concepts of supply curves and demand curves, explain why the Saudis would do this

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