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https://www.theguardian.com/business/2016/sep/29/oil-prices-rise-6-opec-agrees-limit-crude-output

Oligopoly in practise - OPEC Firstly read the following article and then answer the questions which follow: Oil prices rise 6% after OPEC agrees to limit crude output Oil prices settled up nearly 6% on Wednesday after the Organisation of the Petroleum Exporting Countries (OPEC) struck a deal to limit crude output. Its first agreement to cut production since 2008 follows a crash in the market on oversupply and will be finalised at its policy meeting in November. OPEC reached agreement to limit its production to a range of 32.5m-33m million barrels per day (bpd) in talks held on the sidelines of the 26-28 September International Energy Forum in Algiers, group officials told Reuters. OPEC estimates its current output at 33.24m bpd. Questions 1. Illustrate on a diagram why a cut in oil production has led to a 6% rise in price? 2. Illustrate using an appropriate diagram why oil producing nations benefit from collusion