“The
outlook for the market in the second half of the year is starting
to look more encouraging as the global economy recovers, said
Mohammad Barkindo, secretary-general of the Organization of
Petroleum Exporting Countries. The cartel and its allies are
rapidly implementing their production cuts, he said.” (Blooberg
News: “OPEC Chief Optimistic That the Worst of Oil Crisis is Over”
by Vonnie Quinn, Annmarie Hordern, and Grant Smith, May 15,
2020)
Applying the model of supply and demand, explain briefly...