I am stuck. Please help! What changes are expected in the short-term?

1. The global demand for oil changes with the changes in global economies. As economic activity increases, the global demand for oil increases. For the past several years, the global demand for oil has increased (https://www.iea.org/oilmarketreport/omrpublic/). As the global demand changes, we can observe this change graphically. What changes are expected in the short-term? To answer this question, please see https://www.eia.gov/outlooks/steo/.

2. What are potential supply and demand risks in the global oil market?

3. Is the global oil and gas market in a monopoly, oligopoly, or competitive economic model? Why? Support your statements with research and references2. The global demand for oil changes with the changes in global economies. As economic activity increases, the global demand for oil increases. For the past several years, the global demand for oil has increased (https://www.iea.org/oilmarketreport/omrpublic/). As the global demand changes, we can observe this change graphically. What changes are expected in the short-term? To answer this question, please see https://www.eia.gov/outlooks/steo/.Support your statements with research and references.

Future Supply and Demand for Crude Oil

Price per barrel Daily US demand for crude oil (in millions of barrels per day) Daily US supply of crude oil (in millions of barrels per day)

$30.00 1 0.7

$35.00 0.9 0.8

$40.00 0.8 0.9

$45.00 0.7 1

$50.00 0.6 1.1

$55.00 0.5 1.2

$60.00 0.4 1.3

Data from https://www.iea.org