1. Case Study in Supply and Demand
The World Oil Market

2. Crude Oil Prices
Nominal $ Inflation-adjusted 2011 US$ 2011
$/barrel

3. Supply: Crude Oil Production
000s barrels/day
- 8,000

4. Change in World Oil Price 1979 -1980
Supply 1980
$/barrel
Supply 1979 30 20
Demand 1979
56,000
64,000
(000s of barrels/day)

5. SUPPLY: Crude Oil Production, OPEC Countries
31,000
- 8,000
23,000

6. SUPPLY: Crude Oil Production, Non OPEC Countries

7. Drastic Recent Movements in World Oil Prices

10. References Historical world oil prices and production
Recent world oil prices:
Video: A history of oil’s booms and busts, CNN.com
Cartoons:
Reprinted by paid license permission from CagleCartoons
Cartoonist: Tab, The Calgary Sun, 2/14/2005
Cartoonist: John Cole, The Scranton Times-Tribune, 12/19/2014
Reprinted with license permission from CagleCartoons