1. The global demand for oil changes with the changes in global economies. As economic activity increases, the global demand for oil increases. For the past several years, the global demand for oil has increased (https://www.iea.org/oilmarketreport/omrpublic/). As the global demand changes, we can observe this change graphically. What changes are expected in the short-term? To answer this question, please see https://www.eia.gov/outlooks/steo/. Support your statements with research and references.
2. What are potential supply and demand risks in the global oil market? Support your statements with research and references.
3. Is the global oil and gas market in a monopoly, oligopoly, or competitive economic model? Why? Support your statements with research and references.
4. When you reflect on your answers for these 4 questions, can you extract any lesson at the individual, firm, industry or country level. (open question)
Be as descriptive as possible and credit any sources you use.
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