bas.docx - Segi Akinyemiju Jerry Ward BAS 160 J001...

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Segi Akinyemiju Jerry Ward BAS 160- J001 January 24, 2018 Developing Workplace Skills; No. 2 Pg.55 I. Why does the price of oil fluctuate so greatly? Generally, the price of oil is dictated by demand and supply. The supply of oil is determined by OPEC, a consortium of petroleum exporting countries, 13 countries are involved: Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela, that controls 40% of the world’s oil supply. They come together every 2 years to set
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production quotas, which they set to meet global demand. As shown in the graph, there was a deflationary shock in mid 2014 due to economic weakness in China and OPEC was steady in its supply, which caused the price to drop.
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