https://padlet.com/ngpohyee10/wyb7ai8ozp8u en-us 2016-06-20 06:45:37 UTC 2026-03-14 01:12:18 UTC hello@padlet.com moniquewee26 https://padlet.com/ngpohyee10/wyb7ai8ozp8u/wish/115023686 *Concepts related:
> Loss minimisation
Although there are falling prices of the oil in the oil industry, the producers still continue to pump and produce the oil. This is because if they were to stop producing, they would incur high costs of stopping and restarting again. Also, if they shut down, they would have no total revenue and the loss incurred would be all their fixed cost as compared to when they continue producing, it would be able  cover all the variable cost and some fixed cost. Hence, to minimise cost, they continue to produce and pump for oil. 

]]> 2016-06-20 06:54:36 UTC https://padlet.com/ngpohyee10/wyb7ai8ozp8u/wish/115023686 moniquewee26 https://padlet.com/ngpohyee10/wyb7ai8ozp8u/wish/115024129 Concepts related:
> Surplus 
-- There is a surplus in the number of oil rigs in the United States. It was stated that there is a high number of unused oil rigs so much so that the oil industry would be able to  restart several hundred times before the costs start to rise.
 ]]> 2016-06-20 06:59:28 UTC https://padlet.com/ngpohyee10/wyb7ai8ozp8u/wish/115024129 li_fang18 https://padlet.com/ngpohyee10/wyb7ai8ozp8u/wish/115025440 Concepts related:
- Production
> production affected due to unexpected outages

- Demand and supply
> qty supply - decrease in supply as production declined due to unexpected supply distributions 

> qty demand
 - affected by decline in production
- qty decrease, price increased as demand increase
 
> change in market equilibrium - both demand and supply were affected by the reduced reduction, supply losses are leading markets to rebalance.

> shortage and surplus - long-term surpluses can create near-term shortages 

]]> 2016-06-20 07:17:33 UTC https://padlet.com/ngpohyee10/wyb7ai8ozp8u/wish/115025440 li_fang18 https://padlet.com/ngpohyee10/wyb7ai8ozp8u/wish/115026578 Concepts related: 
-  Demand and supply
> qty supplied - more oil sold at higher price ( oil sold at $47.58 per barrel, $1.93 higher than the previous week)

> change in market equilibrium - crude oil prices raised (Saudi Arabia has been raising its own crude oil prices, to the highest level since 2014)

> opportunity cost ( Iran will continue to pump oil, even if it has to cut prices)


]]> 2016-06-20 07:37:20 UTC https://padlet.com/ngpohyee10/wyb7ai8ozp8u/wish/115026578 ngpohyee10 https://padlet.com/ngpohyee10/wyb7ai8ozp8u/wish/115027018 2016-06-20 07:44:43 UTC https://padlet.com/ngpohyee10/wyb7ai8ozp8u/wish/115027018 yongfeng_25 https://padlet.com/ngpohyee10/wyb7ai8ozp8u/wish/115457648 Concepts related:
-demand and supply -->   demand increased by 2 percent in March, compared to the same month last year, to 19.6 million barrels 
-surplus --> Many Middle East oil producers, including top exporter Saudi Arabia but also Iraq, Iran and the United Arab Emirates have ramped up their supplies to Asia in an aggressive fight for market share.]]> 2016-06-26 18:40:38 UTC https://padlet.com/ngpohyee10/wyb7ai8ozp8u/wish/115457648 yongfeng_25 https://padlet.com/ngpohyee10/wyb7ai8ozp8u/wish/115457960 Concepts related:
- supply
- shortage
-price elasticity 
Since the production of the oil decrease, it causes an increase to the price of the oil, with the decrease in price, they lack the access to capital market hence they must close down the number of rigs from four to three ( causing decrease in supply )]]> 2016-06-26 18:51:11 UTC https://padlet.com/ngpohyee10/wyb7ai8ozp8u/wish/115457960 ngpohyee10 https://padlet.com/ngpohyee10/wyb7ai8ozp8u/wish/115520506 *Concepts related : 
-Demand and supply 
 
>Qty demanded – decrease in real income  ( currency exchange rates - stronger US dollar/weaker British pound – willing and able to buy less oil - Qty demand of oil in UK decrease) 
 
> Determinant of supply 
( UK - Factor price - decrease in cost of production of oil in UK as oil is sold in US dollar) 
( US - Expectation of supplier - expect oil price to recover in 2017 - decrease in oil production in US) 
 
>Determinant of demand (  no. of buyer decreases due to uncertainty ) 
 
> Price of related goods ( for gasoline ) (complement – gasoline is produced through oil refinery - drop in oil prices – qty supply of oil decrease , decrease in supply of gasoline ) 
 
> Market disequilibrium 
( surplus - which leads to drop in oil price and decrease in oil production in US)

]]> 2016-06-27 15:47:48 UTC https://padlet.com/ngpohyee10/wyb7ai8ozp8u/wish/115520506 ngpohyee10 https://padlet.com/ngpohyee10/wyb7ai8ozp8u/wish/115526902 Concepts related: 
Demand and supply
Determinants of supply : factor price ( decrease cost of production - reduce workers'wages )

Production and costs
 ( Reduce total variable costs - generate more revenue )]]> 2016-06-27 17:53:49 UTC https://padlet.com/ngpohyee10/wyb7ai8ozp8u/wish/115526902 ngpohyee10 https://padlet.com/ngpohyee10/wyb7ai8ozp8u/wish/115527934 Concepts related : 
Production and costs
- less revenue ( less goods supply at a given price )
 -Decrease in no. of worker to make up for the loss of revenue

Demand and supply
-Decrease in price of oil  leads to drop in qty supply of oil]]> 2016-06-27 18:12:23 UTC https://padlet.com/ngpohyee10/wyb7ai8ozp8u/wish/115527934 ngpohyee10 https://padlet.com/ngpohyee10/wyb7ai8ozp8u/wish/116454808 Ng Poh Yee S10173510E

Wee Wei Lin, Monique S10170608H

Lim Yong Feng S10172172H

Tay Li Fang S10170723K

]]> 2016-07-15 06:50:53 UTC https://padlet.com/ngpohyee10/wyb7ai8ozp8u/wish/116454808 ngpohyee10 https://padlet.com/ngpohyee10/wyb7ai8ozp8u/wish/117357489 Demand and Supply
Determinant of supply : 
-Factor Price
-Surplus 
-Price Ceiling

Production and Cost 
-Accounting profit ]]> 2016-08-02 07:07:22 UTC https://padlet.com/ngpohyee10/wyb7ai8ozp8u/wish/117357489