OPEC cuts oil supply first time in 8 years

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Guardian: Oil price surges as Opec agrees first cut in output since 2008

Article published: Nov 30, 2016 – out of date: no longer suitable for your IB Economics commentary

IB Economics syllabus: Microeconomics (demand and supply, cartel)

Decreased supply leads to higher price: “The price of oil has surged by 8% after the 14-nation cartel Opec agreed to its first cut in production in eight years.”

Source of image: Heinz-Peter Bader/Reuters

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By EconDaddy IB Economics tutor|2022-01-13T10:44:23+00:00December 14th, 2016|Macro|Comments Off

About the Author: EconDaddy IB Economics tutor

My name is Daniel Szekely and I work as an IB Economics tutor, examiner and teacher. Having earned an MA degree in Economics at the University of Aberdeen, I started my career as a financial analyst at Morgan Stanley, one of the largest investment banks of the world. Yet, despite the promising career prospects of the banking industry, I decided to make a larger social impact by becoming a teacher. Currently, I teach IB Economics at SEK Budapest International School and have been an examiner for over 8 years. I started EconDaddy as a simple blog to share great articles with my students and others taking IB Economics around the world to use for their commentaries. Being a practicing IB Economics tutor, I have first hand insight into the most common mistakes of students, so the EconDaddy blog now also provides exam and commentary writing tips.