I am having trouble deciding my answer for this question. Can someone verify my correctness?

For part 3.1, I am thinking that the answer is Cournot because Saudi Arabia is deciding the output to produce.

For part 3.2, I am thinking that the answer is the oil industry is affected because Saudi Arabia is the lowest producer of oil, while consumers are benefiting from lower gas prices.

3. Application: world oil market

Read the NPR news article available athttps://www.npr.org/2020/03/08/813439501.3.1.

3.1. Which competition model - Cournot or Bertrand - is more suitable for describing the competition among oil-producing countries?

3.2. According to the article, what motivates Saudi Arabia to increase its oil production? Who wins and loses from Saudi Arabia's decision?s