EditingSensitivityTextBox 5X V fxABDEFGHKMNFuture Supply and Demand for Crude OilTo complete this project step, address the following:Daily US demand forDaily US supply of crudePrice per barrelcrude oil (in millions ofoil (in millions of barrels(https://www.iea.org/oilmarketreport/omrpublic/). As the global demand changes, we can observe this change graphicallybarrels per day) .per day)https://www.eia.gov/outlooks/steo/.Is the global oil and gas market in a monopoly, oligopoly, or competitive economic model? Why? Support your statements with research and$30.0010.7references.$35.000.90.8Be as descriptive as possible and credit any sources you use.$40.000.80.9$45.000.71$50.000.61.1$55.000.51.210$60.000.41.311Data from https://www.iea.org1213Show your work below.1415Question 1:16Oil Supply and Demand17$70.0018Supply and Demand GraphProfit Maximization+99%X1:27 PM
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