Current Event Writing AssignmentSome of the topics we have already addressed in class include:The need for an economic systemDifferences between capitalism and...

Economic Concept         2
ECONOMIC CONCEPT
Table of Contents

News    3
Economic Concept    3
References    6
News
The recent news has been addressing to the subsequent factors that are relating to the oil markets. The oil market has been facing a typical crisis in the recent and more prominent in the future. The experts are complaining about the production capacity is on the words of dwindling and under investment is threatening the future supply. According to the experts it is found that the industry is not spending enough to secure the future production and that spare capacity global is declining. It has been addressing that there is an acute shortage of oil crisis and this is perhaps reflected in the rising oil prices across the globe. The rising demand from the developing countries had also contributed towards the deficit which is expected to be manifested in the subsequent quarters of this year (Economic Times, 2021). In response to the producers, it is found that the spare capacity is leaving its lower level than it was before. Eventually this would lead to the serious imbalance between the supply and demand. It has been addressed by the Saudi Arabia's energy minister that the concern about the insufficient spending on the future oil production has been acute and needs to be addressed with the more a prevalent aspect of the oil crisis. The barrel a...