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Thanks for the outline, please consider the following:
1. concept of resources
2. DD/SS is okay (just follow the issues in the articles)
3. Elasticity okay, you can infer based on your knowledge
4. Production and Cost - please do ONLY if relevant, e.g. only IF the article discusses cost of production. Do NOT do theory!!!
5. Market Structure - Oligopoly - you may need to study ahead :)
Cheers, mrs Sharpe

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1. Introduction
Oil is a land resource as it is naturally occuring.
Oil prices are going up due to ...
This report is trying to find out...
2. Demand and supply
2.1 Demand curve doesn't change as oil is a necessity in our life to make electronics function. Hence, despite the prices, people will still continue buying as it is a need for them in their daily lives and also because there are no substitutes.
2.2 Supply
"Get ready for $80 oil" ARTICLE:There is a leftward shift in the supply curve as the main country producing oil have been facing turbulent situations which causes the number of sellers to decrease, therefore causing the supply to shift to the left.

'oil rises as Investors focus on Britain..." article: Decrease in supply, leftward shift in supply curve due to cut in oil production.
3.Elasticity
3.1 Income elasticity
Oil is income inelastic because...
how can oil affect income elasticity?
3.2 Price elasticity
Oil is price inelastic as it is affected by some determinants such as necessity, number of substitutes...
4. Perfect competition
4.1 Market structure
-Oligopoly
Character:
-small number of relatively large firms supplying most of the output in the market
-Substantial Market power
-Substantial barriers to entries of new firms e.g: legal restrictions, control of essential resources
-pure good
-enjoys economic profit
- misallocation of resources as price is higher than MC at equilibrium output

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Oil is a very good topic and the articles are suitable. You should now post an outline of your project detailing MIEC concepts that are relevant and will be discussed in depth in the project. I will be able to give you more detailed feedback then.
Cheers, mrs Sharpe

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Oil price to be increased in the near term.

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Oil price to be increased in the near term.

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Oil price is predicted to be increased in the near term. Some main countries who produce great amount of oil to the world, like Nigeria, have been facing turbulent situations, which badly affects the number of sellers in the market. Producers find it unsafe and can be very costly to produce and sell the oil in this situation (war), number of buyers in the world's oil market decreases, causing the supply of oil to decrease. Due to labor and equipment shortage, factor prices are also increased. If the producers wish to ensure certain level of supply of oil to the world, they have to develop technology or equipment and pay high wages to the workers. At this turbulent situation, people in those countries may even stay at home and give up working to secure their own safety. This more greatly decreases the supply of oil as suppliers are more unwilling and able to sell oil at all price levels. The demand for oil by people will not change because it is a necessity in people's life for machines, factories, vehicles and so on. It causes shortage of oil to occur, price is then pushed up. As in graphs, the demand curve does not change, supply curve shifts to left. Price increases, people are less willing and able to buy and may find alternatives (eg. taking bus instead of driving cars), causing quantity demanded to go down.

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Raymond James & Associates has come out with a forecast that oil prices will reach $80 by the end of next year, this is partly based on the slow recovery of the U.S. oil industry

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Saudi Arabia raises oil prices due to the great demand for oil. Oil is a necessity and has little or no substitutes, hence it is an inelastic good. As it is an inelastic good, when the price of oil increases, the change in quantity demanded for oil is less than the change in the price of oil, which allows the total revenue to increase for producers. Hence simply put, Saudi Arabia raises the prices to earn more money .

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RIYADH * Saudi Arabia, the world's largest crude exporter, raised pricing on most oil grades for sale to Asia and the United States next month after the nation's energy minister said demand was robust.

State-owned Saudi Arabian Oil Co, known as Saudi Aramco, increased its official selling price for Arab Light crude by 35 US cents a barrel to 60 US cents more than the regional benchmark for sales to Asia, it said in an e-mailed statement.

Oil has rallied about 80 per cent since January, making ministers of the Organisation of Petroleum Exporting Countries (Opec) confident that their two-year strategy of trying to win market share is working.

Opec agreed last Thursday to stick to its policy of unfettered production with ministers united in their optimism that oil markets are improving. European benchmark Brent crude gained as much as 0.9 per cent to US$50.10 a barrel in London trading.

The July pricing sets Aramco's light crude grades at the highest levels for Asia since at least September 2014, before Opec adopted its market share strategy.

"This shows that they're getting more bullish on demand," Mr Robin Mills, chief executive officer at consultant Qamar Energy in Dubai and a non-resident fellow at the Brookings Institution in Doha, said on Sunday by telephone.

"India is showing a lot of strength and we're still seeing very robust demand from China."

Aramco raised pricing on most grades for sale to Asia, leaving only the Extra Light blend unchanged, according to the statement. It raised the premium for Super Light crude by 10 cents, to US$4.05 a barrel more than the benchmark.

Medium crude will sell at a US$1 a barrel discount in July, 30 US cents higher than in June, according to the statement.

The company also increased pricing for US buyers on all grades except Extra Light.

Arab Light crude for US buyers increased by 20 US cents a barrel, to 55 US cents more than the regional benchmark, according to the statement. Aramco deepened discounts for all grades to buyers in Europe, it said in the statement.

"We continue to explore opportunities to strengthen our position as the supplier of choice in all global markets," chief executive officer Amin Nasser said in the statement.

Middle-Eastern producers are competing increasingly with cargoes from Latin America, North Africa and Russia for buyers in Asia, its largest market.

Producers in the Persian Gulf region sell mostly under long-term contracts to refiners. Most of the Gulf's state oil companies price their crude at a premium or discount to a benchmark. For Asia, the benchmark is the average of Oman and Dubai oil grades and for North America, the marker is the Argus Sour Crude Index.

BLOOMBERG

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Saudi Arabia raises oil prices for Asia, US amid strong demand

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RIYADH * Saudi Arabia, the world's largest crude exporter, raised pricing on most oil grades for sale to Asia and the United States next month after the nation's energy minister said demand was robust.

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Oil prices raises because of the cut in oil production which reduces the amount of oil produced. Producers would have to spend more to produce oil and in economics, the increase in factor prices also lead to a increase in price of good. Prices increases but people will still demand for oil as there is close to no substitutes to oil. Furthermore, price of oil are expected to raise even further from US$48 to US$55 in 2017. This would however not increase the demand for oil as no matter how cheap or expensive oil is, the people would still use the same amount of oil for their activities. Lastly, there would be shortage of oil and the supply curve will shift to the left.