The term oil crisis (or oil shock) refers to periods of sudden disruption in oil supply or sharp increases in oil prices that significantly affect the global economy. These events are typically caused by geopolitical conflicts, coordinated production cuts (notably by OPEC), or large-scale imbalances between global supply and demand.
The term oil crisis (or oil shock) refers to periods of sudden disruption in oil supply or sharp increases in oil prices that significantly affect the global economy. These events are typically caused by geopolitical conflicts, coordinated production cuts (notably by OPEC), or large-scale imbalances between global supply and demand.
Source: Wikipedia "List of oil crises" · CC BY-SA 4.0
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