The surplus of oil in the world today can be attributed to several factors, including increased production from major oil-producing countries, advancements in extraction technologies like fracking, and a slowdown in global demand due to economic uncertainties and shifts towards renewable energy. Additionally, geopolitical tensions and decisions by organizations like OPEC have influenced supply levels. This combination has resulted in an oversupply, leading to lower prices and market imbalances.
It will go down!~
Producers could reduce the price of oil to remove the surplus of crude oil. They could also form a cartel to adjust production to eliminate the chance of future surpluses. Thanks ChaCha!
Japan has a defecit of some 100 billion dollars.. Why this is so baffles me. They have a huge trade surplus with the rest of the world Go figure.
today's Mazut price
surplus Quantify the surplus amount as in March 2011
they had a surplus in grainGrain and oil
Oil. Crude oil that is.
its important because the oil spill wased most of the oil in the world
It will go down!~
they have a surplus
Oil.
Today, people designed already oil carrier to let the oil be distributed to the different parts of the world.
Producers could reduce the price of oil to remove the surplus of crude oil. They could also form a cartel to adjust production to eliminate the chance of future surpluses. Thanks ChaCha!
oil is in surplus, well was. Saddam Hussein blew up all the oil rigs because of Kuwait. Hussein through that Kuwait was trying to steal oil which led to the UN getting 32 nations together and fighting desert storm.
China
The largest single source of energy used in the world today is oil. It is primarily used in transportation, industry, and electricity generation.
There is no known exact amount of oil that Asia uses. However, it is known that southwest Asia provides much of the oil that is used in the world today.