Homework help please :)?

Question

Assume that the Organization of Petroleum Exporting Countries (O.P.E.C.) expects that the world market price of oil will fall in the next few weeks. Describe and explain, their current supplying behavior because of this expectation.

Answer 1

Business works on supply and demand. If the supply increases the price decreases due to less demand. I am assuming that the reason the gas prices are dropping is due to more oil in the market then i will think that they will drop the prices.

Answer 2

Simple. If Oil Supply increases beyond demand, prices will fall.

Answer 3

it is all about supply and demand if the oil market is overflowing the prices will lower if there isnt alot of oil in the market prices would go up. I dont think opec will lower their prices any time soon though