# What was the percentage increase in the price of oil between 1998 and 2006?

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What was the percentage increase in the price of oil between 1998 and 2006?

1. 4.83%
2. 48.3%
3. 51.3%
4. 4.13%
5. 5.13%
If the total oil supply had grown at the same rate as the former USSR oil supply between 2000 and 2006 how much would this have exceeded the demand in 2006?
1. 14.3
2. 19.3
3. 24.3
4. 29.3
5. 34.3
In which year was the largest combined change in supply from the previous year for OPEC, the former USSR and other Non-OECD countries?
1. 2000
2. 2003
3. 2004
4. 2005
5. 2006

(i) Percentage increase in the price of oil between 1998 and 2006.

In 1998 it was 12.7 and in 2006 it was 65.1

so equation is 12.7*x = 65.1 which is x=5.1259% or 5.13%(round figure).

Hence, (5.) 5.13% is the answer.

(ii) If the total oil supply had grown at the same rate as the former USSR oil supply between 2000 and 2006 how much would this have exceeded the demand in 2006?

rate of growth of former USSR oil supply between 2000 and 2006

In 2000 it was 7.9 and in 2006 it was 12.2

so the equation is 7.9*x = 12.2 which is 1.544%

According to question total oil suppy had grown @ the same rate i.e 1.544%

total oil supply in 2000 is 77.1

so the after growth 77.1 * 1.544 = 119.0424

Now, According to the question : how much would this have exceeded the demand in 2006?

Total Demand in 2006 is 84.7

Difference is 119.0424 - 84.7 = 34.3424

Hence (5.) 34.3 is the answer.

(iii) In which year was the largest combined change in supply from the previous year for OPEC, the former USSR and other Non-OECD countries?

 Supply OPEC USSR Non-OCED Combined Difference 1998 31.0 7.3 15.7 54 1999 29.6 7.5 16.0 53.1 2000 31.0 7.9 16.2 55.1 2001 30.5 8.6 16.4 55.5 2002 28.9 9.4 16.9 55.2 2003 30.6 10.3 17.1 58 2004 33.1 22.2 17.7 73 Highest Value 2005 34.2 11.6 18.2 64 2006 34.3 12.2 18.7 65.2

Hence, (4.) 2004 is the answer.

28 points 1
0
For first 1 it should be 513%
1. 5.13%
2. 34.3%
3. 2004
410 points 2 4

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