Saudi Aramco is the largest oil extraction company in the world. They produce 12 million barrels of oil per day. Oil wells produce their output at a constant rate and it is expensive to change the production rate of these wells. Moreover, storing the extracted oil in large tanks is also an expensive proposition. Assume the price of oil is $60 per barrel in the global market. Now, due to increase in production by Russia and Brazil, oil is expected to drop drastically to $40 per barrel. How will this impact the supply elasticity for Aramco in the next few weeks. What happens if the price of oil continues to languish at $40 into the next year? Answer only in terms of elasticity and draw diagrams for supply curves.