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Economics

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In late April, oil prices dropped to a historic low: -$37 (negative $37!) per barrel, on the Mayfutures contract.The short video clip below talks about the supply and demand conditions that led to this unusualoccurrence.https://youtu.be/4mE0Rol1nEQRequired: The OPEC has long served as an example for a cartel in lessons (in economics) onOligopoly. Apply your understanding of game theory to explain why OPEC finds it difficult toenforce production limits (quotas) on its member countries. One article is provided for yourreference; you may want to read at least one more. Cite additional article(s) you read.https://www.bloomberg.com/news/articles/2020-05-04/opec-middle-east-oil-flows-surged-in-april-as-saudis-opened-taps1 pageAPA3 sources14/05/20205businessfinance