Crude Oil Market and the Law of Supply



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Code : ECC0061

Year :
2006-2020

Industry :-

Region : Global

Teaching Note: Available

Structured Assignment : Not Available

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Abstract: A normal supply curve shows a definite positive relationship between the market price of a product and the quantity supplied of that product, other factors held constant. But there are many factors in the market which influence the shift in the supply curve other than movement along the supply curve. Moreover, the responsiveness of change in the quantity supplied of oil is mostly inelastic with the change in price. This case describes the factors which influence the supply of crude oil and the inelastic nature in responsiveness to price.


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Pedagogical Objectives:

  • Understanding the difference between supply and production and what is the Law of Supply?
  • Understanding the exceptions to the Law of Supply and checking whether the Law of Supply is applicable to the crude oil market
  • Understanding various degrees of price elasticity of supply and testing whether the crude oil market is subject to price elasticity of supply.
  • Understanding the factors, other than the price which influence, crude oil supply by highlighting supply function and shift in the supply curve or a change in the supply curve.


    Keywords : Law of Supply; Exceptions to the Law of Supply; movement along the supply curve; shifts in the supply curve; elasticity of supply; type of crude oil market supply

    Contents :
    Introduction
    Global Oil Market
    The Impact of Oil Production on Oil Price
    Indian Oil Market
    Oil Supply in India
    Relationship Between Quantity of Oil Supplied and Price
    Exhibits


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