New international agreement on decreasing global oil production

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BBC: Oil price surges as Opec and non-Opec members agree deal to cut output

Article published: Dec 12, 2016 – out of date: no longer suitable for your IB Economics commentary

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

This time, the OPEC has managed to get an agreement through with non/OPEC members, most notablz, with Russia. The agreement – following last week’s one – is about decreasing oil production.

Source of image: China Newsphoto/Reuters

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By EconDaddy IB Economics tutor|2022-01-13T10:43:49+00:00December 14th, 2016|Micro|Comments Off

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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.