‘OPEC is expected to cut output of crude oil by more than 1 million barrels per day when it
meets in Vienna this week. The cut is intended to maintain the high world price for oil.’
Source: news reports, 2008
All other things being equal, if output of crude oil was cut in a such a way, which one of the following would happen in the world market for crude oil? There would be a
Select one of the following: