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Macro and micro issues Essay Topics & Paper Examples

Macro and micro issues related

A major development in this article is the concept of demand and supply relates to micro economic concepts. Organization of Petroleum Exporting Countries (OPEC) members has worked a model that will see the demand and supply of oil is at equilibrium. Non-OPEC producers such as Brazil, Mexico and Russia have counterbalanced production decline of oil in Alaska and Venezuela. Other nations such as China, India and developing nations have been offset by a decline in oil demand in US and Europe. When the oil prices increased, oil-producing nations invested in production projects around the world. In the late 2008, oil prices collapsed putting long-term gains of oil supply at risk. Large companies that invested in oil production had challenging moments…