1.a Discuss critical features of the supply side of this market and explain two factors that can lead to a shift in the world supply of oil, clarifying the direction of the shift caused by the specific examples mentioned.
1.b Discuss key features of the demand side of this market and explain two factors that can lead to a shift in the world demand for oil, clarifying the direction of the shift caused by the specific examples mentioned.
1.c Describe the price pattern recorded in the international price of oil between 2000 and 2020, focusing on the most important changes. Source:
1.d Use the demand and supply diagram to explain two identifiable price changes that have taken place between 2000 and 2020. In each case explain the factors which have contributed to the shifts specified in your diagram.
1.e Use the demand and supply diagram to outline your medium-term forecast (in 2025) and your long-term forecast (in 2050) for the international oil price. Support your views with sound and plausible justifications. Make sure to explain how each relevant factor impacts the demand or supply curve and the direction.
1.f Evaluate the implications of your long-term oil price forecasts on the relevant stakeholders.
