Examlex
Describe the three processes of energy transfer.
Oil Producing Nations
Countries that have significant oil reserves and participate in the extraction and exportation of oil.
Price of Oil
The cost at which oil is sold or bought in the global markets, influenced by factors like supply, demand, geopolitical events, and economic indicators.
Supply of Oil
The total amount of oil available for consumption or use, determined by production levels and reserves.
Equilibrium Price
The market price at which the quantity of an item supplied is equal to the quantity demanded, leading to market stability.
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