scroll to top
Stuck on your essay?
Get ideas from this essay and see how your work stacks up
Word Count: 749
Introduction Oil is one of the most valuable and scarce energy resources in the earth and in order to assess the recent developments in the price of Oil in world trade it is important to analyze the underlying forces of demand and supply As energy is an important vehicle of production and growth Oil is still its main source and has no competing substitute to replace it altogether in the foreseeable future The UAE is one of the biggest suppliers of the Oil in the world and as a member of OPEC price and supply of Oil is controlled by the 10 members of the OPEC and Non-OPEC countries YrOil PriceTq Oil DemandTq Oil SuppliedOPEC SuppliedOPEC Share 002476000000769000002540000033 1Q2776300000763000002620000034 2Q2975300000754000002670000035 3Q24576500000765000002520100033 4Q2577600000769000002420100031 012176400000763000002320100030 Demand of Oil Demand for Oil is a derive demand according to its many diverse uses Oil can be used to satisfy the needs of Mankind Oil is used as the main source of energy and as the major input in all petrochemical industries which could provide us with our needs Demand for Oil within a certain band of process and within a certain time interval is inelastic This means that if there is a relative increase in its price within a certain affordable band the relative change in the quantity demanded for Oil will turn out to be less than the relative change in its prices So quantity demanded for Oil related to its price Consumers are rational decision makers therefore if price of Oil is acceptable they decide to buy more to maximize their benefits and vise versa The graph bellow shows the price of Oil Verses the Demand of Oil by consumers The effect of increase in demand excess of demand for Oil causes the curve to shift outward and leading to an increase in Oil prices
@Kibin is a lifesaver for my essay right now!!
- Sandra Slivka, student @ UC Berkeley
Wow, this is the best essay help I've ever received!
- Camvu Pham, student @ U of M
If I'd known about @Kibin in college, I would have gotten much more sleep
- Jen Soust, alumni @ UCLA