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Microeconomics Case Study
Case Title:
Global Oil Prices: Demand Side vs Supply Side Factors
Publication Year : 2005
Authors: Shalini & Sumit Kumar Chaudhuri
Industry: Oil and Natural Gas
Region:Global
Case Code: MBM0015
Teaching Note: Available
Structured Assignment: Available
OR
Abstract:
The heat of oil prices was strongly felt as the oil prices reached $50 per barrel in early 2005 from $10 per barrel in 1998. The prices were driven by the surge in demand in countries that included US, India and China and also the supply factors that had failed to meet the rise in demand. Although people expected the high price of oil to be sustainable for a longer term, some analysts were sceptical about the further increase in oil price and estimated the prices to fall, as in any other business cycle.
Pedagogical Objectives:
- To discuss the role of OPEC in controlling the global oil prices
- To discuss the demand and supply factors affecting the oil prices and the challenges faced by the oil industry.
Keywords : Organisation of Petroleum Exporting Countries (OPEC), International Trade & World Economy Case Study, Oil price, Demand and supply, Peak oil, Economics, China, USA, Oil reserve, Oil crisis, Yukos, Global oil production, Oil demand, Oil supply, Oil consumption, Saudi Arabia
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