In March 2020, the price of Brent crude oil, which is used to make petroleum, fell to $22.58 per barrel, its lowest price since November 2002. In March 2020, with the outbreak of COVID-19, the world entered into a global lockdown. To minimise the spread of COVID-19, international borders closed and individuals were required to work from home. These measures resulted in a global decrease in demand for Brent crude oil. Also in March 2020, OPEC announced its increased production of Brent crude oil 

1. The global lockdown in 2020, in response to COVID-19, contributed to the record low price of Brent Crude Oil
2. The increased production of Brent Crude oil by OPEC contributed to the record low price of Brent Crude Oil.
3. If a more efficient process for producing petroleum was announced, in which less Brent Crude Oil was required to produce the same amount of petroleum, this would see a left shift in the demand for brent crude oil.

Which of the above statements are true:

Answer rating: 100% (QA)

To evaluate the truthfulness of each statement presented lets analyze them individually based on economic principles and historical events 1 The globa... View the full answer