Diagram showing the effect of a global recession

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Reference no: EM1374265

[A] Think the supply and demand for oil. Starting from a point where supply and demand are in equilibrium, describe with use of a diagram how a global recession is likely to affect equilibrium value and quantity of oil bought & sold. How do the slopes of the supply and demand curves affect your analysis?

[B] What objectives are pursued by members of the OPEC cartel? Discuss what actions they can take to achieve these objectives.

Reference no: EM1374265

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