DU Management The Market Structure for The Oil Industry Essay

Price of oil in international markets has dropped stunningly 60% in the past twelve months.

Among the factors mentioned behind this drastic fall is the millions of barrels of oil
produced in the US called “shale oil.” Analyze:
● The market structure for oil industry
● The supply and demand for oil in that market structure
● The pricing of oil at the presence of OPEC and the role of Speculators
● Why shale oil is a substitute for oil and explain the news in regard to the Cross
elasticity of demand.