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There is an expectation of a downward trend in oil demand in China in 2022; the negative movement is due to the limited determinants of demand such as income, price, and preference due to severe lockdown measures (International Energy Agency, 2022). The estimate of global demand for oil made by the International Energy Agency has decreased by 260 kb/d in comparison to its expected amount from the previous month; the alteration was made regarding the weak performance of quantity demanded in OECD (Organization for Economic Co-operation and Development) countries (International Energy Agency, 2022). International oil inventories have decreased over the past fourteen months. OECD countries account for 70 % of the global decline (International Energy Agency, 2022).

An important determinant of quantity demand is the price of goods and services. The demand for goods and services depends on price regardless of equilibrium price or quantity. This idea of supply and demand can be utilized by companies to increase consumer satisfaction. Businesses can utilize this system by increasing demand by lowering prices or increasing the quality of products.