New oil reserves have been discovered in country
a. this will have the following effect:
a. demand for oil will increase.
c. the supply of oil will increase.
b. a future shortage will be created.
d. the equilibrium price in the future will increase.

New oil reserves have been discovered in Country A. This will have the following effect: the supply of oil will increase. [ If they have discovered new oil reserves, the next thing that they will do is to drill and extact oil from that and that will be an increase in the supply of oil. ]