https://padlet.com/siming99/miecproj put ur article up guys!! en-us 2016-12-18 03:56:13 UTC 2025-11-03 01:48:26 UTC hello@padlet.com https://padlet.com/siming99/miecproj/wish/145414871 2017-01-05 07:02:13 UTC https://padlet.com/siming99/miecproj/wish/145414871 https://padlet.com/siming99/miecproj/wish/145415088 http://www.nytimes.com/interactive/2016/business/energy-environment/oil-prices.html

Serming:
- Oil prices have dropped throughout the years.
- Despite various efforts made by the oil industries to cut costs, many of the wells are still not earning.
- Current oil price is approximately USD$56 per barrel.
- There are many arguments for the reasons for the drop in oil prices.
- Firstly, the uprising competitions in oil productions have caused producers to reduce oil price in order to compete with the growing competitors.
i.e. Saudi, Nigerian and Algerian oils that once sold in the United States are suddenly competing for Asian markets, and the producers are forced to drop prices. Canadian and Iraqi oil production and exports are rising year after year. Even the Russians, with all their economic problems in recent years, have managed to pump at record levels.
- However, some drop in production has been observed due to lack of exploration investment and also political instability in some countries.
- Secondly,  due to global warming and the growing environmental issues in the world, the demand for fuel has dropped as a result due to the uprising demand for energy-efficient vehicles and products that require fuel to generate. This causes demand of fuel to lag a little, despite a notable growth of demand in the US and China.
- Benefits: Helps the lower income groups. Helps households to save.
- Costs: Oil-profiting countries will suffer great losses, such as their economy suffering and an increased unemployment rate. There will also be an increase in traffic accidents and deaths due to the drop in gas prices, many will convert to road travels by vehicles.
e.g. States like Alaska, North Dakota, Texas, Oklahoma and Louisiana are facing economic challenges.
- The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
- OPEC has been called to cut down on oil production in order to firm up the oil prices first. 
- Some argued that this was useful but some feels that this might only have limited value in regulating prices. 
- They feel that the oversupplied global market either needs steeper cuts or higher demand to return to a balance of supply and demand that would support higher prices. 
- Furthermore, previous agreements have been broken by nations, because there is no firm mechanism for enforcement.

]]> 2017-01-05 07:08:30 UTC https://padlet.com/siming99/miecproj/wish/145415088 https://padlet.com/siming99/miecproj/wish/145417083 http://www.platts.com/latest-news/oil/singapore/dubai-crude-oil-market-structure-to-firm-further-26564877

Serming:
- A growing demand in oil will lead to a stronger market structure of a particular country. 
- For instance, due to the planned maintenance at Saudi Arabia's Abu Safah field, coupled with shortage of Qatar's condensate supply for December, the supply of crude oil drops as a result. 
- This drives the demand from other Middle East wells, further strengthening the Dubai oil market structure. ]]> 2017-01-05 07:32:20 UTC https://padlet.com/siming99/miecproj/wish/145417083 ptc https://padlet.com/siming99/miecproj/wish/145432412 Oil articles & analysis ok except point on market structure..market structure in econs relates to the different characteristics of the market & how firms compete..there are 4 market structure topics...you need to read in advance...]]> 2017-01-05 09:44:51 UTC https://padlet.com/siming99/miecproj/wish/145432412 anawangsari37 https://padlet.com/siming99/miecproj/wish/1853345770 2021-10-29 06:52:51 UTC https://padlet.com/siming99/miecproj/wish/1853345770