Respuesta :
The supply of non-opec oil increases due to new petroleum discoveries in other countries, Decreases to the price of oil on the world market.
It is in the interests of OPEC+ nations to reduce oil supply in order to raise prices if they are dissatisfied with the oil price. However, since doing so would result in lower income, no nation truly wants to limit supply.
In an ideal world, they would like to expand supply while also raising the price of oil, increasing income.
But that is not how markets operate. The price of oil immediately increases in response to an OPEC+ commitment to reduce supply.
When supply is not significantly reduced or demand changes, the price eventually returns to that level, which is typically lower.
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