To complete this project step, address the following:

1. Based on the information provided in the tables on the left, examine the supply and demand graph in the space below. This information is helpful for the client to know how much oil to produce. The graph shows how prices are set in economic theory. In the "real world," oil and its derivative products are priced on commodity exchanges. Prices can change in less than a second. The information provided here is approximately four months old.After you have examined the graph, identify the price and quantity at which equilibrium exists. This information is essential for the client to determine the quantity of oil to produce for profit maximization.

2. The global demand for oil changes with the changes in global economies. As economic activity increases, the global demand for oil increases. For the past several years, the global demand for oil has increased (https://www.iea.org/oilmarketreport/omrpublic/). As global demand changes, we can observe this change graphically. Looking at the graph in question 2, what is the new point of equilibrium?

3. What are the potential supply and demand risks in the global oil market? Support your statements with research and references.

Answer in the space below. Be as descriptive as possible, and credit any sources you use.