https://padlet.com/dlimzw1/awfi7gd5kjze en-us 2017-11-13 04:36:28 UTC 2018-01-23 08:49:09 UTC hello@padlet.com dlimzw1 https://padlet.com/dlimzw1/awfi7gd5kjze/wish/206095003 http://www.economicsonline.co.uk/Competitive_markets/The_market_for_oil.html

]]> 2017-11-13 04:54:00 UTC https://padlet.com/dlimzw1/awfi7gd5kjze/wish/206095003 dlimzw1 https://padlet.com/dlimzw1/awfi7gd5kjze/wish/206095167 http://www.arabnews.com/node/1186386/business-economy

The hike in oil prices to $60/barrel is due to underlying reasons such as robust global gross domestic product (GDP) growth and a better realignment of supply and demand, rather than the more than instability in Kurdish regions of Iraq.OPEC states that demand is ahead of supply, because of the agreement by OPEC and non-OPEC countries to constrain production, which they struck in 2016, would have to be extended through 2018.” 
Analysts said the key to understanding the market was price elasticity — where lower prices pull in demand. “People didn’t expect that to last long after the 2014 correction, but cheap pricing stimulates demand,” he said. Inventory reductions and continued efforts from OPEC and non-OPEC countries to maintain cuts supported price gains.]]> 2017-11-13 04:55:53 UTC https://padlet.com/dlimzw1/awfi7gd5kjze/wish/206095167 dlimzw1 https://padlet.com/dlimzw1/awfi7gd5kjze/wish/206095571 http://www.ibtimes.co.uk/bp-predicts-oil-price-stay-within-45-55-per-barrel-range-2018-1632955

As BP predicts oil price to stay within $45-55 per barrel range in 2018, "We need to lower our sights on the oil price to ensure we can operate at prices much lower than $60. The digitisation, technological advancement and cost optimisation trajectory we are on, would see us break-even in the $30s by 2021. The $35-40 range remains a realistic short-term ambition for us as a company."Earlier in the session the oil giant reported a 10% rise in oil and gas production from a number of new projects, and posted a net profit of $684m (£517.5m)
ANALYSIS :
BP predicted the price range so as to ensure they could keep their production costs much lower than $60/barrel, maintaining a substantial profit. Advances in technology and increased investment in new projects have helped to keep costs down, and as a result a optimistic price range for oil per barrel is predicted. The small price range indicates that oil is not very price elastic. ]]> 2017-11-13 05:00:04 UTC https://padlet.com/dlimzw1/awfi7gd5kjze/wish/206095571 jillianpoof https://padlet.com/dlimzw1/awfi7gd5kjze/wish/206095693 https://www.focus-economics.com/blog/economic-outlook-for-the-top-oil-producing-countries

ANALYSIS:
Oil producers continued output desperately trying to gain precious market share from others in the sector, even as prices continued to fall. Expectations will cause the oil prices to rise gradually due to the deal to cup oil prices. However, bumpers along the way might occur.

]]> 2017-11-13 05:01:15 UTC https://padlet.com/dlimzw1/awfi7gd5kjze/wish/206095693 mavic_koh00 https://padlet.com/dlimzw1/awfi7gd5kjze/wish/206098190 https://www.iea.org/oilmarketreport/omrpublic/]]> 2017-11-13 05:25:44 UTC https://padlet.com/dlimzw1/awfi7gd5kjze/wish/206098190 mavic_koh00 https://padlet.com/dlimzw1/awfi7gd5kjze/wish/206099179 http://www.valuewalk.com/2017/11/oil-market-deficit/]]> 2017-11-13 05:36:45 UTC https://padlet.com/dlimzw1/awfi7gd5kjze/wish/206099179 dlimzw1 https://padlet.com/dlimzw1/awfi7gd5kjze/wish/223649037 https://www.ukessays.com/essays/economics/the-oligopolistic-market-model-and-oil-prices-economics-essay.php

ANALYSIS :
The oil industry acts as a oligopoly, as the barrier to entry is very high. Oil firms require a lot of costly infrastructure, such as refining equipment, oil drills, and rights to use land. Thus, the oil industry acts as a oligopoly as there are only a few major firms controlling nearly the entire industry. As a result, a international cartel has been formed, [OPEC], consisting of countries that produce large quantities of oil. OPEC helps to regulate oil prices to ensure no countries lose substantial amounts of money due to dropping oil prices. OPEC also ensures cooperation between member states and thus controls a very large portion of the international oil industry. ]]> 2018-01-23 07:08:56 UTC https://padlet.com/dlimzw1/awfi7gd5kjze/wish/223649037