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Question: please answer this asap the crude oil market is considered...

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Please answer this ASAP: The crude oil market is considered a global market, where prices from different crude oil streams tend to move together. OPEC, however, has been effective exerting upward pressure on oil prices at various times since its inception. Which of the following statements is true?

The US's oil production from shale will insure that the US will become the market leader and displace OPEC.

Change in future oil prices will only be impacted by China and India's demand for oil.

OPEC operates more effectively as a cartel when it is at lower spare capacity levels.

None of the above.

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