ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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rise.
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decrease.
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not change.
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None of the above
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Detailed explanation-1: -Iran is believed to have stored around 25 million barrels of oil, but that amount is not enough to flood the market and drive a steep decrease in prices. If the sanctions are lifted, production will slowly ramp up to pre-sanction levels, which by itself still will not cause a significant change in the market.
Detailed explanation-2: -Its members meet regularly to coordinate how much crude oil to sell collectively on global markets. “OPEC+ tailors supply and demand to balance the market, ” Kate Dourian of UK industry body the Energy Institute told the BBC. “They keep prices high by lowering supplies when the demand for oil slumps."
Detailed explanation-3: -Historically, crude oil prices have seen increases in times when OPEC production targets are reduced.
Detailed explanation-4: -U.S. crude oil imports per day from Saudi Arabia 2000-2021 The United States imported roughly 356, 000 barrels of crude oil per day from Saudi Arabia in 2021.