Question 14
Natural Resources and PetroleumThe world market for crude oil refers to the
- A.total supply by OPEC members
- B.total demand for and supply of crude oil
- C.excess crude oil produced in the world
- D.difference between the supply of and demand for oil
Show the answer and explanation
Answer: B (total demand for and supply of crude oil)
Explanation
A market is made up of all the buyers and sellers, so the world oil market is the total demand for and supply of crude oil.