In the years between 2008 and 2015 technological advances in shale oil production mean an extra 3 million barrels of oil are produced each month in the US. At the same time OPEC decides to produce an extra 1 million barrels of oil per month. Over the same period advances in engine technology mean that cars worldwide are using less petrol and the Chinese economy slows its growth from 9% a year to 6% a year. In the market for oil, explain what happened to the equilibrium price and quantity.

In the years between 2008 and 2015 technological advances in shale oil production mean an extra 3 million barrels of oil are produced each month in the US. At the same time OPEC decides to produce an extra 1 million barrels of oil per month. Over the same period advances in engine technology mean that cars worldwide are using less petrol and the Chinese economy slows its growth from 9% a year to 6% a year. In the market for oil, explain what happened to the equilibrium price and quantity.

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