The price of oil inches towards $80 a barrel Both demand and supply have driven the steady recovery in prices. The generally robust global economy has increased appetites for energy. In 2017 global oil consumption rose by 1.6%, with the bulk of the additional fuel burned in Western economies and in China. And just as the world began to guzzle more oil, less of it was available. In early 2017 OPEC, a club of oil-exporting countries, as well as non-OPEC nations led by Russia, implemented a cut in production that has almost completely erased the global glut of petroleum. May 2018 https:ffmyweconomistcomfgraphic-detailf2018f05f1 5fthe-price-ofoil-inchestowards-SO-a- barrel Use the excerpt above to answer the following questions. The list of answers is the same for the 3 questions but you cannot use the same answer twice. What is the impact of the global economy in the oil market? What is the impact of OPEC in the oil market? For consumers the effect of I Choose... the action by OPEC is 1| Choose... 0 I Choose... 0