Access the article at the URL given above and read it. Based on your reading, answer the questions in the spaces below. Use full sentences and modify the diagrams to complement your written explanations, but do not use more space than is given here. Other references are not necessary but, if you do use any (for example, online economics glossaries) please list at least the URL of your source. Marks are shown and total . (1) “Saudi Arabia is pumping at almost full tilt.” Complete the diagram below and explain the consequences of the Saudi action, taking P* at the oil price before Saudi Arabia’s increased production. (2) According to the article, what is Saudi Arabia’s aim increasing production and what is likely to happen to the oil price longer term if they are successful in achieving their goal? (3) Now, taking P* in the diagram below as the oil price following the increase in Saudi production, complete the diagram and explain what will happen, “if demand slows by more than expected in China and the rest of Asia.”
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