Question
The economic impact of the Covid-19 Delta variant and rebounding output mean that expectations of global oil demand outstripping supply are fading... OPEC, in its
The economic impact of the Covid-19 Delta variant and rebounding output mean that expectations of global oil demand outstripping supply are fading..." OPEC, in its own report, significantly upgraded supply estimates... The cartel raised its 2022 supply forecast by 840,000 barrels a day to 2.9 million. There is a decrease in demand for crude oil because of the Covid-19 variant.
Does this information indicate a change in demand OR change in quantity demanded? Also, does this information indicate a change in supply OR a change in quantity supplied? Can you include a graph that shows this information? Thank you!!
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