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-         Increasing oil production to cool down rising prices and to prevent the predicted shortages

-         Drastic Increase in production to increase exports from Saudi

-         Change of policy is caused by the flooding complaints

-         Major producers focus more on consumers’ interest now ” Saudi Arabia needed to keep consumers buying oil and be mindful of their interests.’

-         This way can maximize output capacity will be encouraged to exceed quotas so that they can prevent any price spikes.

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An increase in the supply of the oil by Saudi Arabia would cause the supply of the oil to increase, which in turn would cause the demand to increase as well as the oil is a necessity. The oil is also price inelastic as Saudi Arabia is one of the largest providers of oil worldwide. Hence, Saudi Arabia would be able to alter the price of oil to benefit themselves being that there are no close alternatives to Saudi Arabia's crude oil.

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"While declining to give a specific number, Mr. Falih said the kingdom would be increasing output by “hundreds of thousands, not tens of thousands, of barrels” — a substantial amount. "
when the amount of oil produced is a lot over what is demanded for the market, it can cause influx in the market and might lead to market failure as the prices have to get lower and lower.

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A price floor should be implemented for the retail industry, as there is a steady decline in the numerous products and as such, in order to protect the interests of the suppliers to keep them and their businesses. As such, they will be protected from the price falls and hence allow the companies to continue their business.

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The decline in F&B industry was minimal as food is an essential for survival thus it will be price inelastic compared to other sectors or retail. " The total sales value of food & beverage services in April 2018 was estimated at $662 million, lower than the $670 million in April 2017. "

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1. As the entire Retail industry is constantly declining throughout the years, this means that a price floor must be set to protect the sellers as to support the economy and not have businesses going bankrupt.

2. Necessities like food and groceries will hardly take a fall in sales as they are necessities that people need to survive. Thus there is no need to worry about sales of necessities declining.

3. Luxury products like computer and telecommunication equipment are taking a huge decline as they are not a necessity to survive thus when the economy is weak, consumers won’t have the power to afford these luxury products and the demand of them will fall.

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Comments on Raising Oil Production (Freda)

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Comments on Raising Oil Production (Freda)

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"Saudi Arabia said on Saturday that it was substantially increasing oil production in an effort to cool down rising prices and head off potential future shortages." and "While declining to give a specific number, Mr. Falih said the kingdom would be increasing output by “hundreds of thousands, not tens of thousands, of barrels” — a substantial amount."

The government wants to raise the production as producing in bulk can also reduce costs and thus reducing the pricing of oil.

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When the amount of BTO flats increase in the market, the quantity supplied regarding housing will increase and this will cause a drop in the pricing as the quantity supplied is more than the quantity demanded

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The price of BTO flats is inelastic as the area has very few alternatives as the area has very few housing options. Hence, the price is inelastic as people will be willing to pay a higher price to purchase the housing flats as there is pent up demand for the flats.

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Comments on Raising Oil Production (wenwei)

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Comments on Raising Oil Production (wenwei)

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Government set a price ceiling in effort to  cool down rising prices and head off potential future shortages. ' Saudi Arabia said on Saturday that it was substantially increasing oil production in an effort to cool down rising prices and head off potential future shortages.'

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https://www.nytimes.com/2018/06/23/business/opec-oil-production.html

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- The sales have been decreasing throughout the years
- However, sale of necessities have increased in percentage over the years
- Percentage of sales of luxury goods have decreased over the years
- Price floor should be put in place to prevent prices from dropping too low

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An increase in demand for the flats in the area is due to the lack of residences in the area for a long time, this shows that there is build up of potential demand for the flats.

However, there is a decrease in price of the BTO flats brought about to increase the quantity demanded for the housing flats as they are placed in the corners of the town which is considered to be unfavorable to the tastes and preferences of potential buyers as the flats are not located in convenient locations and will have accessibility issues that will affect potential buyer's choice

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- sales increase by 0.4% in April
-march had a decrease of 1.1%
-Retail takings increased by 0.7% in April
- computer & telecommunications equipment declined by 9.8%
- apparel & footwear declined by 3.4%
-supermarkets & hypermarkets declined by 2.3%
-department stores declined by 1.7%
- total retail sales of April 2018 was estimated to be $3.6billion
- the retail sales of necessities see a percentage increase year after year
- such as food, medicine, petrol, furnitures
- the retail sales of luxury goods see a percentage decrease year after year
- such as vehicles, clothings, accessories and electronics

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Prices for BTO flats at

Sengkang, Yishun, Toa Payoh and Tampines are decreasing due to the lack of popularity at those areas

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https://www.straitstimes.com/business/economy/singapore-retail-sales-inch-up-04-in-april-extending-weak-showing

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https://www.straitstimes.com/singapore/housing/3970-bto-flats-launched-in-sengkang-yishun-toa-payoh-and-tampines

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-HDB launched 3970 Build-to-Order flats
-Across 4 four projects in Sengkang, Yishun, Toa Payoh and Tampines
-Price: $76,000 (two-room Flexi flat in non-mature estate Yishun) to more than $422,000 (five-room flat in mature estate in Tampines)
-17,000 BTO flats expected this year
-Kim Keat Avenue most popular due to its central location
-Increased demand due to lack of new properties launched in Toa Payoh for quite some time
-Toa Payoh's accessibility to other parts of the island is a boon
-Locations of the launch is poor due to them being located in the corners of the town
-Attractive prices used to combat this

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SINGAPORE - The Housing Board (HDB) launched 3,970 Build-to-Order (BTO) flats across four projects in Sengkang, Yishun, Toa Payoh and Tampines on Tuesday (May 22), in the second such exercise this year.

Prices without grants range from $76,000 for a two-room Flexi flat in non-mature estate Yishun, to more than $422,000 for a five-room flat in mature estate Tampines.

About 17,000 BTO flats are expected this year.

Property experts believe the Toa Payoh project in Kim Keat Avenue will be the most popular due to its central location.

Mr Lim Yong Hock, PropNex key executive officer, said: "There's hasn't been a launch in Toa Payoh in quite a while, leading to pent-up demand. People will take the opportunity to apply for it."

Mr Ku Swee Yong, International Property Advisor chief executive officer, said Toa Payoh's accessibility to other parts of the island is a boon.

He added, however, that all the projects in this launch are not in good locations within their area, as they are located in corners of the town.

"This is reflected in the more attractive pricing compared with earlier BTO launches," said Mr Ku.

This month's exercise is the first where measures announced at the Ministry of National Development's budget debate this year will take effect.

The assessment of income for young couples - used for housing loans and grants - will be deferred to just before they collect keys to their homes instead of at the time of application.

This is meant to help such couples proceed with their application earlier. However, it may be a source of concern for couples like Ms Janice Teo, 22, and her boyfriend, Mr Sng Wei Theng, 28, who have had four unsuccessful attempts in getting a BTO/SBF flat.

Ms Teo is a law undergraduate at the National University of Singapore, while Mr Sng, a research assistant, has been working for three years.

The move could mean more applicants, leading to stiffer competition for a flat, said Ms Teo. She and Mr Sng intend to apply for a four-room unit in Toa Payoh during this launch as it is near where his parents live.

This latest exercise will also see a revised proximity condition kick in.

Those applying for a flat under the Married Child Priority Scheme and Senior Priority Scheme may do so if their parents/married child are living within 4km of the flat they are applying for. The proximity condition was previously defined as living in the same town, or within 2km.

Also on offer are 3,022 flats under the Sale of Balance Flats (SBF) exercise. About 34 per cent of these are already completed and the rest are under construction.

Eligible first-timer families can enjoy up to $80,000 of housing grants, comprising the Additional CPF Housing Grant (up to $40,000) and the Special CPF Housing Grant (up to $40,000).

Applications for the May BTO and SBF exercise can be submitted online on the HDB InfoWEB from Tuesday to next Monday.

The next BTO launch in August will offer about 4,300 flats in Punggol and Yishun.

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3,970 BTO flats launched in Sengkang, Yishun, Toa Payoh and Tampines

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SINGAPORE - The Housing Board (HDB) launched 3,970 Build-to-Order (BTO) flats across four projects in Sengkang, Yishun, Toa Payoh and Tampines on Tuesday (May 22), in the second such exercise this year. Prices without grants range from $76,000 for a two-room Flexi flat in non-mature estate Yishun, to more than $422,000 for a five-room flat in mature estate Tampines.