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44-handout - The World Oil Market tutor2u January 2010 The...

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1/11/2010 1 The World Oil Market tutor2u January 2010 The market Crude oil prices recovered strongly during the year from $33 to just above $80 in Jan 2010 Oil stocks have risen – some of which is in floating storage – in tankers waiting for better prices Global oil demand remains driven by non OECD countries such as China and India After steep production cuts in the last six months of 2008, OPEC oil producers have started to expand supply as world d d h d demand has recovered Higher non OPEC oil production is also evident but OPEC’s sharer of world output has risen to above 45% UK oil output continues to decline over the long term
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1/11/2010 2 Crude oil prices US dollars per barrel The real price of oil USD/Barrel
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1/11/2010 3 Explaining high and low oil prices Price per barrel Short run supply P1 Quantity of Oil Demand Q1 Explaining high and low oil prices Price per barrel Short run supply P1 Quantity of Oil Demand Q1 D2
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