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INTRODUCTION TO MICROECONOMICS (ECO 151)

SHORT ESSAY
Petroleum Consumption and Production
Essay Brief

1. Find statistics of total petroleum (oil) production in the world. In a table, list the highest
oil producing countries or blocs and find out how much oil is produced by them in 2022.
(Around top 20 countries). Analyze the data and comment.
2. Find statistics of total petroleum (oil) consumption in the world. In a table, list countries
with the highest oil consumption and how much oil is consumed in 2022. (Around top
20 countries). Analyze the data and comment.
3. Find statistics of Malaysia’s consumption, production, imports and exports of oil for
2022 and place in a table. Analyze the data and comment.
4. Find out the price of oil in the world in the last 5 years. You are to use 2 measures; Brent
crude oil and WTI crude oil. Use line graphs. Analyze the graph and comment.
5. Summarize the factors affecting the demand for oil in the world.
6. Summarize the factors affecting the supply for oil in the world.
7. Find out whether oil reserves in the world are sustainable in the long-run. What are the
substitutes for oil?

(In the context of energy and fuels, the term “oil” and “petroleum” can be used
interchangeable)

Recommended Sources
BP Statistical Review of World Energy: Retrieved from www.bp.com

Channel News Asia (2023), Oil extends gains on higher gasoline demand, tighter supply.
https://www.channelnewsasia.com/business/oil-prices-rise-outlook-higher-gasoline-demand-
tighter-supply-3507861

International Energy Agency (IEA): Retrieved from www.iea.org

IG Analyst (2018), What affects oil prices? Retrieved from

https://www.ig.com/en/news-and-trade-ideas/commodities-news/what-affects-oil-prices--181219

OEC (2021), Crude Petroleum in Malaysia. Retrieved from

https://oec.world/en/profile/bilateral-product/crude-petroleum/reporter/mys#:~:text=Malaysia
%20imports%20Crude%20Petroleum%20primarily,%2C%20and%20Indonesia%20(%24275M).

OPEC (Organization of the Petroleum Exporting Countries): Retrieved from www.opec.org

United States Energy Information Administration (EIA): Retrieved from www.eia.gov

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SHORT ESSAY GUIDELINES

Based on the essay guide above, write a concise 2000 word essay on oil consumption and production in
the world.

Some of the sources for this essay are given above. You may also use additional sources which are
reputable (e.g. government agencies, research agencies, academic journals, working papers, university
publications, books, business papers, newspapers, business magazines).

Not accepted are Blogs, Wikipedia, Economics help and free essays websites. State all sources must be
stated in the Task Allocation Table. The use of AI like Chat GPT is prohibited for the writing of this short
essay and will result in a failed grade if detected. Please insert the word count at the end of the essay.

Please use the Task Allocation Table to list your references.

Submission of 1st Draft (5%)

This submission must be done within the class time. The draft will be graded based on accurate
information and clarity in writing. Your lecturer will check on two things in the first draft; first, whether
each member is giving their contribution and second, whether the essay is on the right track. Feedback
will be given on the first draft, the lecturer will not check subsequent drafts. It is the responsibility of
each group to improve, finalize and check the final drafts for errors and plagiarism.

Task Allocation Table

This is an example of a task allocation table

Tasks allocated Group Reference

Member
Introduction Mandy Lim Author, A. A., Author, B. B., & Author, C. C. (year). Article
title. Journal Title, volume number (issue number), page
numbers. Retrieved from
       http://www.xxxxxxxxxxxxxxxx
Content – can be broken Deepak Nair Australian Bureau of Statistics. (2006). Measures of
down further into smaller          Australia's progress (Catalogue No. 1370.0).
topics Canberra: Author. 
Conclusion Mohd Syukur PSY2030 Developmental psychology: Study
         book. (2011). Toowoomba: University of Southern
Queensland
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Submission of Final Essay (15%)

Cover Page
Each essay must have a cover page with the following information
 Title of Essay
 Group No
 Names of Group Members
 Course Code and Course Name
 Lecturer’s Name
 Date of submission

Task Allocation Table

Include the Task Allocation Table after the cover page.

The final submission will be in short essay format and must have an Introduction, Content and
Conclusion.

Plagiarism is a serious offence at college/university level and will result in a zero mark. Plagiarism is
defined as copying or taking another person’s work and attributing it as your own. This includes taking
someone else’s work and passing it up as your own, copying other student’s work whether past or
present, downloading an Internet essay and passing it up as your own or copying quotes or phrases from
books, journals and papers without citing the author’s reference. The use of AI like Chat GPT is
prohibited for the writing of this short essay and will result in a failed grade if detected.

Submission to TURNITIN
 Submit Group Assignment to Turnitin at least 2 days before the deadline to check plagiarism
level. Check that it's not more than 20% of the similarity index after taking into account the
Cover Page, Reference List and Appendix. If exceeding 20%, please revise your essay and
resubmit. Do not forget to insert Word count at the end.

Deadline for the assignment is final. No extensions will be given unless there is medical proof of the
students’ inability to complete the assignment. All medical proofs must be submitted to the lecturer
within 72 hours of the assignment deadline.

"Great things in business are never done by one person; they're done by a team of people." – Steve Jobs

"You need to be aware of what others are doing, applaud their efforts, acknowledge their successes,
and encourage them in their pursuits. When we all help one another, everybody wins." – Jim Stovall
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ESSAY MARKING SCHEME

Marks
Introduction 10
Statistics of production and consumption of oil in the world and its 20
uses. Statistics of the price of oil in the last 5 years. Analyze statistics
Statistics of production and consumption of oil in Malaysia and its uses. 10 ESSAY
Analyze statistics RUBRICS :
How To
Factors affecting demand (3-4 factors) 15
Achieve a
Factors affecting supply (3-4 factors) 15
Sustainability of oil in the long-run and substitutes 10 Certain
Grade
Conclusion 10

Quality of Research and Grammar 10

TOTAL 100
Grade Range
A Ideas are logical, well developed and explained.
85 Well organized, paragraphs develop and transition smoothly maintaining the theme.
No grammatical errors, uses precise and accurate words.
In-depth analysis, comprehensive with conclusive evidence of research.
Creative, insightful and integrates new knowledge
B Ideas are logical and relevant.
75 Organized, paragraphs develop and transition smoothly while maintaining the
theme.
Minimal grammatical errors.
Good analysis with some evidence of research
C Basic ideas but limited and incomplete in content.
60 Weakly organized, paragraphs are uneven in development and transition, sometimes
the theme is not maintained.
Some grammatical errors in sentence structure.
Poor analysis with little evidence of research
D Ideas are unclear and not specific, low level of content
50 Very disorganized, lack of flow between each paragraph and going off theme.
Poor grammar and wrong choice of words.
No analysis.
F Irrelevant ideas, the contents are out of topic.
Below 50 No structure and no theme.
Bad grammar which makes the essay incomprehensible.
No understanding of the subject.
Plagiarism