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According to the law of demand, consumers buy more products at a low price than at a high price. Therefore, the relationship between the price and the volume of demand, all other things being equal, is negative, and graphically the demand is expressed as a downward curve. According to the law of supply, producers offer more of their product for sale at a higher price than at a low one.
The following factors determine demand:
- the utility and necessity of the product;
- the number of buyers;
- the expectation of price change;
- the level of income of the population;
- availability of the product in the market;
- the number of alternative products and their cost;
- fashion and trends (Montag, 2022).
Several factors also influence supply. The main one is the price of the product. Non-price factors include:
- level of technology;
- cost of resources;
- the number of producers;
- final products;
- sellers’ expectations (Montag, 2022).
The change in demand, and hence the shift in its curve, occurs as a result of non-price factors:
- changes in consumer income;
- change in prices of substitute goods;
- change of prices for complementary goods;
- change in consumer preferences and expectations;
- change in the number of consumers.
An analysis of the oilfield services market was carried out. The latter shows that the current market dynamics for 2021 demonstrate an increase in the share of Kazakh oilfield service providers at the expense of the shares of foreign companies (Mamalov & Gorshkova, 2022). Revising the terms of launching new campaigns led to a decrease in the volume of the oilfield services market by 25 % on average (Mamalov & Gorshkova, 2022). In general, the study confirms that Kazakhstan’s oil and gas industry is vulnerable in times of crisis.
It reacted sharply to the drop in world oil prices by slowing down the implementation of several current projects. Revising the terms of launching new campaigns led to a decrease in the volume of the oilfield services market by 25 % on average (Mamalov & Gorshkova, 2022). At the moment, the demand for production volumes grows, which causes an increase in demand for oil services and manifests itself in the increase in oil services, affecting the increase in supply.
References
Mamalov, E. N., & Gorshkova, E. V. (2022). Increased oil recovery through the use of combined technology.Kazakhstan Journal for Oil & Gas Industry, 4(1), 89–93.
Montag, L. (2022). Circular economy and supply chains: definitions, conceptualizations, and research agenda of the circular supply chain framework.Circular Economy and Sustainability.
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