Problem
The Oil Producing and Exporting Countries (OPEC) indicated that they would not respond further to US-led calls from consuming nations for an increased supply of oil to bring prices down from the current $35 a barrel. Ali Rodriguez, OPEC's president and Venezuelan oil minister, said OPEC's analysis was that world supply actually exceeded the world demand of 76 million barrels per day (bpd) by 1.4 million bpd at the OPEC target price of $25 a barrel, but that prices were currently ‘artificially' high because countries were now adding to their global stocks of crude oil which they had previously allowed to fall to extremely low levels. Use demand and supply diagrams to explain the analysis presented by Ali Rodriguez.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.