Home » OPEC deadlocked on oil production hike Oil prices exceeded $100-a-barrel Wednesday after OPEC said it could not reach an agreement about increasing crude oil production. Source: CNN Money, J

OPEC deadlocked on oil production hike Oil prices exceeded $100-a-barrel Wednesday after OPEC said it could not reach an agreement about increasing crude oil production. Source: CNN Money, J

OPEC deadlocked on oil production hike

Oil prices exceeded​ $100-a-barrel Wednesday after OPEC said it could not reach an agreement about increasing crude oil production.

​Source: CNN​ Money, June​ 8, 2011

Use the demand and supply model to illustrate​ OPEC’s deadlock.

Consider the market for oil.

Draw demand and supply curves consistent with the oil price exceeding​ $100 a barrel. Label the curves D0 and S0.

Draw a point at the market equilibrium price. Label it 1.

Now suppose that OPEC members agree to increase oil production.

Draw a curve to show the effect of this agreement in the market for oil. Label it.

Draw a point at the new market equilibrium. Label it 2.

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