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<h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">2010s oil glut</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. 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typeof="mw:File/Thumb"><a href="/wiki/File:Commercial_Crude_Oil_Stock_Pile.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Commercial_Crude_Oil_Stock_Pile.webp/350px-Commercial_Crude_Oil_Stock_Pile.webp.png" decoding="async" width="350" height="132" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Commercial_Crude_Oil_Stock_Pile.webp/525px-Commercial_Crude_Oil_Stock_Pile.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Commercial_Crude_Oil_Stock_Pile.webp/700px-Commercial_Crude_Oil_Stock_Pile.webp.png 2x" data-file-width="3785" data-file-height="1426" /></a><figcaption>Commercial <a href="/wiki/Petroleum_in_the_United_States" title="Petroleum in the United States">crude oil</a> stock pile (United States) <br /> Large build in stock in late 2014</figcaption></figure> <figure typeof="mw:File/Thumb"><a href="/wiki/File:US_crude_oil_production.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/US_crude_oil_production.webp/350px-US_crude_oil_production.webp.png" decoding="async" width="350" height="83" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/US_crude_oil_production.webp/525px-US_crude_oil_production.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/92/US_crude_oil_production.webp/700px-US_crude_oil_production.webp.png 2x" data-file-width="4147" data-file-height="984" /></a><figcaption><a href="/wiki/Petroleum_in_the_United_States" title="Petroleum in the United States">Crude oil production in the United States</a> increased from about 6 million barrels of oil a day in 2011 to almost 10 million barrels of oil a day in late 2014</figcaption></figure> <p>The <b>2010s oil glut</b> was a significant surplus of <a href="/wiki/Petroleum" title="Petroleum">crude oil</a> that started in 2014–2015 and accelerated in 2016, with multiple causes. They include general oversupply as <a href="/wiki/Unconventional_(oil_%26_gas)_reservoir" class="mw-redirect" title="Unconventional (oil & gas) reservoir">unconventional</a> US and Canadian <a href="/wiki/Tight_oil" title="Tight oil">tight oil</a> (shale oil) production reached critical volumes, <a href="/wiki/Geopolitical" class="mw-redirect" title="Geopolitical">geopolitical</a> rivalries among oil-producing nations, falling demand across <a href="/wiki/Commodities_market" class="mw-redirect" title="Commodities market">commodities markets</a> due to the deceleration of the Chinese economy, and possible restraint of long-term demand as <a href="/wiki/Environmental_policy" title="Environmental policy">environmental policy</a> promotes <a href="/wiki/Fuel_efficiency" title="Fuel efficiency">fuel efficiency</a> and steers an increasing share of energy consumption away from <a href="/wiki/Fossil_fuel" title="Fossil fuel">fossil fuels</a>. </p><p>The world <a href="/wiki/Price_of_oil" title="Price of oil">price of oil</a> was above <a href="/wiki/United_States_dollar" title="United States dollar">US</a>$125 per barrel ($790/m<sup>3</sup>) in 2012, and remained relatively strong above $100 until September 2014, after which it entered a sharp downward spiral, falling below $30 by January 2016. <a href="/wiki/OPEC" title="OPEC">OPEC</a> production was poised to rise further with the lifting of international <a href="/wiki/Sanctions_against_Iran" class="mw-redirect" title="Sanctions against Iran">sanctions against Iran</a>, at a time when markets already appeared to be oversupplied by at least 2 million barrels (320,000 m<sup>3</sup>) per day.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>In December 2015, <i><a href="/wiki/The_Daily_Telegraph" title="The Daily Telegraph">The Daily Telegraph</a></i> quoted a major oil broker saying, "The world is floating in oil. The numbers we are facing now are dreadful."<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> <i><a href="/wiki/Forbes" title="Forbes">Forbes</a></i> magazine said, "The ongoing oil price slump has more or less morphed into a complete rout, with profound long-term implications for the industry as a whole."<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>As 2016 continued, the price gradually rose back into the $40s, with the world waiting to see if and when and how the market would return to balance.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>In October 2018, <a href="/wiki/Brent_Crude" title="Brent Crude">Brent</a> prices had recovered to their pre-2015 levels, peaking<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> at $86.29 a barrel on 3 October. Soon after, however, prices began a collapse as fears over the global economy and fast-increasing shale production began to take hold. </p><p>In the following month, Brent prices fell approximately 22%, constituting the largest monthly loss in a decade, ending the month at $59.46 per barrel on 30 November.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>In <a href="/wiki/2020%E2%80%932022_world_oil_market_chronology#2022" title="2020–2022 world oil market chronology">early 2022</a>, Brent prices had recovered to their pre-2015 levels for a second time, exceeding the prices reached in October 2018. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Unsustainable_prices">Unsustainable prices</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2010s_oil_glut&action=edit&section=1" title="Edit section: Unsustainable prices"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Oil_companies_net_income.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d5/Oil_companies_net_income.webp/270px-Oil_companies_net_income.webp.png" decoding="async" width="270" height="92" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d5/Oil_companies_net_income.webp/405px-Oil_companies_net_income.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d5/Oil_companies_net_income.webp/540px-Oil_companies_net_income.webp.png 2x" data-file-width="4241" data-file-height="1440" /></a><figcaption>Top 8 oil companies quarterly <a href="/wiki/Net_income" title="Net income">net income</a> or <a href="/wiki/Net_loss" class="mw-redirect" title="Net loss">net loss</a></figcaption></figure> <p>The global economy after the Great Recession was particularly weak compared to before. In 2006, over 100 nations achieved economic growth over 5% annually; in 2014, roughly 50 nations achieved over 5% growth. Many large economies, like the EU, US and China, were unable to support 2005 levels of growth, and China almost fell into its own financial crisis during its 2015 stock market bubble and crash. Oil demand growth, as a result of all this, dropped. </p><p>On 6 April 2014, the economist Nicolas J. Firzli, writing in a <a href="/wiki/Saudi_Arabia" title="Saudi Arabia">Saudi Arabian</a> journal <i><a href="/wiki/World_Pensions_%26_Investments_Forum" title="World Pensions & Investments Forum">World Pensions Forum</a></i>, warned that the escalating oversupply could have durably negative economic consequences for all <a href="/wiki/Gulf_Cooperation_Council" title="Gulf Cooperation Council">Gulf Cooperation Council</a> member states. "...the price of oil has stabilized at a relatively high level (around $100 a barrel) unlike all previous recessionary cycles since 1980 (start of <a href="/wiki/Iran%E2%80%93Iraq_War" title="Iran–Iraq War">First Persian Gulf War</a>). But nothing guarantees such price levels in perpetuity.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Causes">Causes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2010s_oil_glut&action=edit&section=2" title="Edit section: Causes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="North_American_oil_production_increases">North American oil production increases</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2010s_oil_glut&action=edit&section=3" title="Edit section: North American oil production increases"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>U.S. oil production nearly doubled from 2008 levels, due to substantial improvements in <a href="/wiki/Tight_oil" title="Tight oil">shale</a> "<a href="/wiki/Fracking" title="Fracking">fracking</a>" technology in response to record oil prices. The steady rise in additional output, mostly from <a href="/wiki/North_Dakota" title="North Dakota">North Dakota</a>, <a href="/wiki/West_Texas" title="West Texas">West Texas</a>, <a href="/wiki/Oklahoma" title="Oklahoma">Oklahoma</a> and several other US states eventually led to a plunge in U.S. oil import requirements and a record high volume of worldwide oil <a href="/wiki/Inventory" title="Inventory">inventories</a> in storage.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>Canada also significantly increased oil production during the 2000s oil crisis, mostly in Alberta in the form of the <a href="/wiki/Athabasca_oil_sands" title="Athabasca oil sands">Athabasca oil sands</a>, though a transportation and logistics crisis in Alberta has slowed continued growth in supplies. </p> <div class="mw-heading mw-heading3"><h3 id="Global_growth_slowing">Global growth slowing</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2010s_oil_glut&action=edit&section=4" title="Edit section: Global growth slowing"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/2015%E2%80%9316_Chinese_stock_market_turbulence" class="mw-redirect" title="2015–16 Chinese stock market turbulence">2015–16 Chinese stock market turbulence</a> slowed the growth of the economy in <a href="/wiki/China" title="China">China</a>, restraining its demand for oil and other industrial commodities. China's fast rising debt pile, especially since 2008, has also led to concerns about a Chinese financial crisis and/or Chinese recession, which led to significant <a href="/wiki/Volatility_(finance)" title="Volatility (finance)">volatility</a> and loss of asset value in other world markets. </p><p>China's slowing economy led to many other economies slowing or falling into recession, and the end of Quantitative Easing in the United States also contributed. Many developing nations borrowed heavily in foreign currencies, which has fueled worries over a balance of payments crisis or debt defaults. </p> <div class="mw-heading mw-heading3"><h3 id="Geopolitical_rivalries">Geopolitical rivalries</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2010s_oil_glut&action=edit&section=5" title="Edit section: Geopolitical rivalries"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In spite of longstanding <a href="/wiki/Geopolitical" class="mw-redirect" title="Geopolitical">geopolitical</a> rivalries – notably the <a href="/wiki/Gulf_Cooperation_Council" title="Gulf Cooperation Council">GCC</a> bloc versus <a href="/wiki/Iran" title="Iran">Iran</a> and <a href="/wiki/Venezuela" title="Venezuela">Venezuela</a> – <a href="/wiki/Emerging_markets" class="mw-redirect" title="Emerging markets">emerging markets</a> oil producers within and outside <a href="/wiki/OPEC" title="OPEC">OPEC</a> maintained at least some output discipline until the fall of 2014, when <a href="/wiki/Saudi_Arabia" title="Saudi Arabia">Saudi Arabia</a> advocated higher OPEC production and lower price levels to erode the profitability of high-cost shale oil production.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2016)">citation needed</span></a></i>]</sup> </p><p>It has been suggested that the <a href="/wiki/Iran%E2%80%93Saudi_Arabia_proxy_conflict" title="Iran–Saudi Arabia proxy conflict">Iran–Saudi Arabia proxy conflict</a> was a powerful influence in the Saudi decision to launch the price war,<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> as was <a href="/wiki/Second_Cold_War" title="Second Cold War">Cold War</a> rivalry between the United States and Russia.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Larry_Elliott" title="Larry Elliott">Larry Elliott</a> argued that "with the help of its <a href="/wiki/Saudi_Arabia%E2%80%93United_States_relations" title="Saudi Arabia–United States relations">Saudi ally</a>, Washington is trying to drive down the oil price by flooding an already weak market with crude. As the Russians and the Iranians are heavily dependent on oil exports, the assumption is that they will become easier to deal with."<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> The vice president of <a href="/wiki/Russia" title="Russia">Russia</a>'s largest oil company, <a href="/wiki/Rosneft" title="Rosneft">Rosneft</a>, accused Saudi Arabia of conspiring against Russia.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>Some <a href="/wiki/Geoeconomics" title="Geoeconomics">geoeconomics</a> experts have argued that the Saudi – <a href="/wiki/Qatari" class="mw-redirect" title="Qatari">Qatari</a> rivalry has shattered the semblance of unity that may have existed among <a href="/wiki/Fossil_fuel" title="Fossil fuel">fossil fuel</a> producers. Firzli wrote, "What we're witnessing here is a fight to the death between the world's leading oil and natural gas producers at a time when fossil fuel prices are collapsing across the board."<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Combating_climate_change">Combating climate change</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2010s_oil_glut&action=edit&section=6" title="Edit section: Combating climate change"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/Environmental_impacts_of_fossil_fuels" class="mw-redirect" title="Environmental impacts of fossil fuels">environmental impacts of fossil fuels</a>, especially oil, led to government policies promoting the use of zero-carbon energy sources to prevent or slow <a href="/wiki/Climate_change" title="Climate change">climate change</a>. Future action on such environmental concerns, ranging from climate change to smog, has severely hurt the notion that oil demand would forever rise. The EU implemented a bloc-wide <a href="/wiki/Carbon_tax" title="Carbon tax">carbon tax</a>; many nations increased gas taxes and/or passed a carbon tax. Alternative energy sources, such as wind and solar, were being subsidized to support their use.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2021)">citation needed</span></a></i>]</sup> </p><p>One commentator has said that the "energy revolution" has forced oil producers with large reserves to produce as much of their reserves as fast as possible, while oil still has energy value. Oil exporters are "unable to sit on their reserves to attempt a higher price tomorrow."<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2021)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="Effects">Effects</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2010s_oil_glut&action=edit&section=7" title="Edit section: Effects"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Venezuela">Venezuela</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2010s_oil_glut&action=edit&section=8" title="Edit section: Venezuela"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Economic_policy_of_the_Nicol%C3%A1s_Maduro_administration" title="Economic policy of the Nicolás Maduro administration">Economic policy of the Nicolás Maduro administration</a> and <a href="/wiki/Shortages_in_Venezuela" title="Shortages in Venezuela">Shortages in Venezuela</a></div> <p>Under <a href="/wiki/Hugo_Ch%C3%A1vez" title="Hugo Chávez">Hugo Chávez</a> and his Bolivarian government, PDVSA resources were used to fund social programmes, with Chávez treating it like it had a surplus.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> His social policies resulted in overspending<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FPmarch2013_16-0" class="reference"><a href="#cite_note-FPmarch2013-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> that caused <a href="/wiki/Shortages_in_Venezuela" title="Shortages in Venezuela">shortages in Venezuela</a> and allowed the <a href="/wiki/Hyperinflation_in_Venezuela" title="Hyperinflation in Venezuela">inflation rate to grow</a> to one of the highest rates in the world.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>According to Cannon, the state income from oil revenue grew "from 51% of total income in 2000 to 56% 2006"; oil exports increased "from 77% in 1997 ... to 89% in 2006"; and his administration's dependence on petroleum sales was "one of the chief problems facing the Chávez government".<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> By 2008, exports of everything but oil "collapsed"<sup id="cite_ref-FPmarch2013_16-1" class="reference"><a href="#cite_note-FPmarch2013-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> and, in 2012, the <a href="/wiki/World_Bank" title="World Bank">World Bank</a> explained that Venezuela's economy is "extremely vulnerable" to changes in oil prices since in 2012. "96% of the country's exports and nearly half of its fiscal revenue" relied on oil production.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> When oil prices dropped in 2015, this worsened the crisis that Venezuela was experiencing from the government's mismanagement.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> Venezuela's economic crisis has been called "the worst economic collapse outside of war since World War II".<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (June 2023)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="Cuba">Cuba</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2010s_oil_glut&action=edit&section=9" title="Edit section: Cuba"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Immediately after the <a href="/wiki/Death_of_Hugo_Ch%C3%A1vez" title="Death of Hugo Chávez">death of Hugo Chávez</a>, President Raul Castro sought a new benefactor as the oil that was shipped from Venezuela to Cuba began to slow. With Cuba needing new support, relations between the United States and Cuba began to be re-established in 2014 during <a href="/wiki/United_States%E2%80%93Cuban_Thaw" class="mw-redirect" title="United States–Cuban Thaw">United States–Cuban Thaw</a>.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>However, in 2016, Cuba still relied on Venezuela's oil and economic assistance. With Cuba's economy slowing as a result of Venezuela's own crisis, many Cubans feared that their nation would soon return to having similar experiences to that of the <a href="/wiki/Special_Period" title="Special Period">Special Period</a>, which occurred following the <a href="/wiki/Dissolution_of_the_Soviet_Union" title="Dissolution of the Soviet Union">dissolution of the Soviet Union</a>, which Cuba heavily relied on.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="OPEC">OPEC</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2010s_oil_glut&action=edit&section=10" title="Edit section: OPEC"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Organization of Petroleum Exporting Countries has been severely affected by the 2014 collapse in prices. Shale production robbed OPEC of a large portion of its market power, forcing it to co-operate with other producers to keep prices up after Saudi Arabia effectively declared defeat in the price war in 2016. </p><p>Many OPEC members, such as Venezuela, Algeria, Libya, Iraq, Ecuador and Nigeria, have had internal crises spawned or worsened by the collapse in oil revenues. In many of these nations, the response to the 2011 Arab Spring was spending oil money for internal stability, which has caused financial troubles for them as oil revenue dried up. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2010s_oil_glut&action=edit&section=11" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/1980s_oil_glut" title="1980s oil glut">1980s oil glut</a></li> <li><a href="/wiki/2000s_energy_crisis" title="2000s energy crisis">2000s energy crisis</a></li> <li><a href="/wiki/2020_Russia%E2%80%93Saudi_Arabia_oil_price_war" title="2020 Russia–Saudi Arabia oil price war">2020 Russia–Saudi Arabia oil price war</a></li> <li><a href="/wiki/2021%E2%80%93present_global_energy_crisis" class="mw-redirect" title="2021–present global energy crisis">2021–present global energy crisis</a></li> <li><a href="/wiki/Arab_Spring" title="Arab Spring">Arab Spring</a></li> <li><a href="/wiki/Libyan_Civil_War" class="mw-redirect" title="Libyan Civil War">Libyan Civil War</a></li> <li><a href="/wiki/2017%E2%80%932018_Iranian_protests" title="2017–2018 Iranian protests">2017–2018 Iranian protests</a></li> <li><a href="/wiki/2019%E2%80%932021_Algerian_protests" class="mw-redirect" title="2019–2021 Algerian protests">2019–2021 Algerian protests</a></li> <li><a href="/wiki/Petroleum_politics" title="Petroleum politics">Petroleum politics</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=2010s_oil_glut&action=edit&section=12" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFKalantariSergie2016" class="citation news cs1">Kalantari, Hashem; Sergie, Mohammed (2 January 2016). <a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/articles/2016-01-02/iran-says-post-sanctions-crude-output-boost-won-t-hurt-prices">"Iran Says Post-Sanctions Crude Output Boost Won't Hurt Prices"</a>. <i>Bloomberg News</i><span class="reference-accessdate">. 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Retrieved <span class="nowrap">10 July</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Foreign+Policy&rft.atitle=Coup+Fatigue+in+Caracas&rft.date=2015-03-15&rft.aulast=Lansberg-Rodr%C3%ADguez&rft.aufirst=Daniel&rft_id=https%3A%2F%2Fforeignpolicy.com%2F2015%2F03%2F15%2Fcoup-fatigue-in-caracas-venezuela-maduro%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2010s+oil+glut" class="Z3988"></span><br />- <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20070613003710/https://www.cia.gov/library/publications/the-world-factbook/rankorder/2092rank.html">"Inflation rate (consumer prices)"</a>. <i><a href="/wiki/CIA_World_Factbook" class="mw-redirect" title="CIA World Factbook">CIA World Factbook</a></i>. 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Retrieved <span class="nowrap">26 February</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=CIA+World+Factbook&rft.atitle=Inflation+rate+%28consumer+prices%29&rft_id=https%3A%2F%2Fwww.cia.gov%2Flibrary%2Fpublications%2Fthe-world-factbook%2Frankorder%2F2092rank.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2010s+oil+glut" class="Z3988"></span><br />- <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://www.economist.com/node/21526365">"Venezuela's economy: Medieval policies"</a>. <i><a href="/wiki/The_Economist" title="The Economist">The Economist</a></i>. 20 August 2011<span class="reference-accessdate">. Retrieved <span class="nowrap">23 February</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Economist&rft.atitle=Venezuela%27s+economy%3A+Medieval+policies&rft.date=2011-08-20&rft_id=http%3A%2F%2Fwww.economist.com%2Fnode%2F21526365&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2010s+oil+glut" class="Z3988"></span></span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text">Cannon, p. 87.</span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.worldbank.org/en/country/venezuela/overview">"Venezuela Overview"</a>. World Bank<span class="reference-accessdate">. Retrieved <span class="nowrap">13 April</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Venezuela+Overview&rft.pub=World+Bank&rft_id=http%3A%2F%2Fwww.worldbank.org%2Fen%2Fcountry%2Fvenezuela%2Foverview&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2010s+oil+glut" class="Z3988"></span></span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEgan2016" class="citation news cs1">Egan, Matt (12 July 2016). <a rel="nofollow" class="external text" href="https://money.cnn.com/2016/07/12/investing/venezuela-crisis-oil-production-plunges/">"Why Venezuela's oil production plunged to a 13-year low"</a>. <i><a href="/wiki/CNNMoney" class="mw-redirect" title="CNNMoney">CNNMoney</a></i><span class="reference-accessdate">. Retrieved <span class="nowrap">14 July</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=CNNMoney&rft.atitle=Why+Venezuela%27s+oil+production+plunged+to+a+13-year+low&rft.date=2016-07-12&rft.aulast=Egan&rft.aufirst=Matt&rft_id=https%3A%2F%2Fmoney.cnn.com%2F2016%2F07%2F12%2Finvesting%2Fvenezuela-crisis-oil-production-plunges%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2010s+oil+glut" class="Z3988"></span></span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.economist.com/blogs/economist-explains/2015/05/economist-explains-37">"Why the United States and Cuba are cosying up"</a>. <i><a href="/wiki/The_Economist" title="The Economist">The Economist</a></i>. 29 May 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">14 November</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Economist&rft.atitle=Why+the+United+States+and+Cuba+are+cosying+up&rft.date=2015-05-29&rft_id=https%3A%2F%2Fwww.economist.com%2Fblogs%2Feconomist-explains%2F2015%2F05%2Feconomist-explains-37&rfr_id=info%3Asid%2Fen.wikipedia.org%3A2010s+oil+glut" class="Z3988"></span></span> </li> <li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBurnett2016" class="citation news cs1">Burnett, Victoria (12 July 2016). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2016/07/13/world/americas/cuba-economy-venezuela-power-cuts.html?_r=0">"Amid Grim Economic Forecasts, Cubans Fear a Return to Darker Times"</a></span>. <i>The New York Times</i><span class="reference-accessdate">. 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style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Argus_Sour_Crude_Index" title="Argus Sour Crude Index">Argus Sour</a></li> <li><a href="/wiki/Bonny_Light_oil" title="Bonny Light oil">Bonny Light</a></li> <li><a href="/wiki/Brent_Crude" title="Brent Crude">Brent</a></li> <li><a href="/wiki/Dubai_Crude" title="Dubai Crude">Dubai</a></li> <li><a href="/wiki/Indian_Basket" title="Indian Basket">Indian Basket</a></li> <li><a href="/wiki/Indonesian_Crude_Price" title="Indonesian Crude Price">Indonesian</a></li> <li><a href="/wiki/Isthmus-34_Light" title="Isthmus-34 Light">Isthmus-34 Light</a></li> <li><a href="/wiki/Japan_Crude_Cocktail" title="Japan Crude Cocktail">Japan Cocktail</a></li> <li><a href="/wiki/OPEC_Reference_Basket" title="OPEC Reference Basket">OPEC Reference Basket</a></li> <li><a href="/wiki/Tapis_crude" title="Tapis crude">Tapis</a></li> <li><a href="/wiki/Urals_oil" title="Urals oil">Urals</a></li> <li><a href="/wiki/West_Texas_Intermediate" title="West Texas Intermediate">West Texas Intermediate</a></li> <li><a href="/wiki/Western_Canadian_Select" title="Western Canadian Select">Western Canadian Select</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left;">Data</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left; font-weight:normal;">Natural gas</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_countries_by_natural_gas_consumption" title="List of countries by natural gas consumption">Consumption</a></li> <li><a href="/wiki/List_of_countries_by_natural_gas_production" title="List of countries by natural gas production">Production</a></li> <li><a href="/wiki/List_of_countries_by_natural_gas_proven_reserves" title="List of countries by natural gas proven reserves">Reserves</a></li> <li><a href="/wiki/List_of_countries_by_natural_gas_imports" title="List of countries by natural gas imports">Imports</a></li> <li><a href="/wiki/List_of_countries_by_natural_gas_exports" title="List of countries by natural gas exports">Exports</a></li> <li><a href="/wiki/Natural_gas_prices" title="Natural gas prices">Price</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left; font-weight:normal;">Petroleum</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_countries_by_oil_consumption" title="List of countries by oil consumption">Consumption</a></li> <li><a href="/wiki/List_of_countries_by_oil_production" title="List of countries by oil production">Production</a></li> <li><a href="/wiki/List_of_countries_by_proven_oil_reserves" title="List of countries by proven oil reserves">Reserves</a></li> <li><a href="/wiki/List_of_countries_by_oil_imports" title="List of countries by oil imports">Imports</a></li> <li><a href="/wiki/List_of_countries_by_oil_exports" title="List of countries by oil exports">Exports</a></li> <li><a href="/wiki/Posted_oil_price" title="Posted oil price">Posted oil price</a></li> <li><a href="/wiki/Price_of_oil" title="Price of oil">Price</a> <ul><li><a href="/wiki/Gasoline_and_diesel_usage_and_pricing" title="Gasoline and diesel usage and pricing">of gasoline and diesel</a></li></ul></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left;"><a href="/wiki/Hydrocarbon_exploration" title="Hydrocarbon exploration">Exploration</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Core_sample" title="Core sample">Core sampling</a></li> <li><a href="/wiki/Exploration_geophysics" title="Exploration geophysics">Geophysics</a></li> <li><a href="/wiki/Integrated_asset_modelling" title="Integrated asset modelling">Integrated asset modelling</a></li> <li><a href="/wiki/Petroleum_engineering" title="Petroleum engineering">Petroleum engineering</a> <ul><li><a href="/wiki/Reservoir_simulation" title="Reservoir simulation">Reservoir simulation</a></li> <li><a href="/wiki/Reservoir_modeling" title="Reservoir modeling">Reservoir modeling</a></li></ul></li> <li><a href="/wiki/Petroleum_geology" title="Petroleum geology">Petroleum geology</a></li> <li><a href="/wiki/Petrophysics" title="Petrophysics">Petrophysics</a></li> <li><a href="/wiki/Reflection_seismology" title="Reflection seismology">Reflection seismology</a> <ul><li><a href="/wiki/Seismic_inversion" title="Seismic inversion">Seismic inversion</a></li></ul></li> <li><a href="/wiki/Seismic_source" title="Seismic source">Seismic source</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left;"><a href="/wiki/Oil_well" title="Oil well">Drilling</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Blowout_(well_drilling)" title="Blowout (well drilling)">Blowout</a></li> <li><a href="/wiki/Completion_(oil_and_gas_wells)" title="Completion (oil and gas wells)">Completion</a> <ul><li><a href="/wiki/Squeeze_job" title="Squeeze job">Squeeze job</a></li></ul></li> <li><a href="/wiki/Differential_sticking" title="Differential sticking">Differential sticking</a></li> <li><a href="/wiki/Directional_drilling" title="Directional drilling">Directional drilling</a> <ul><li><a href="/wiki/Geosteering" title="Geosteering">Geosteering</a></li></ul></li> <li><a href="/wiki/Drill_stem_test" title="Drill stem test">Drill stem test</a></li> <li><a href="/wiki/Drilling_engineering" title="Drilling engineering">Drilling engineering</a></li> <li><a href="/wiki/Drilling_fluid" title="Drilling fluid">Drilling fluid</a> <ul><li><a href="/wiki/Drilling_fluid_invasion" title="Drilling fluid invasion">invasion</a></li></ul></li> <li><a href="/wiki/Lost_circulation" title="Lost circulation">Lost circulation</a></li> <li><a href="/wiki/Measurement_while_drilling" title="Measurement while drilling">Measurement</a></li> <li><a href="/wiki/Shale_oil_extraction" title="Shale oil extraction">Shale oil extraction</a> <ul><li><a href="/wiki/Fredrik_Ljungstr%C3%B6m#Shale_oil_extraction" title="Fredrik Ljungström">Ljungström method</a></li></ul></li> <li><a href="/wiki/Tracer_use_in_the_oil_industry" title="Tracer use in the oil industry">Tracers</a></li> <li><a href="/wiki/Underbalanced_drilling" title="Underbalanced drilling">Underbalanced drilling</a></li> <li><a href="/wiki/Well_logging" title="Well logging">Well logging</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left;"><a href="/wiki/Extraction_of_petroleum" title="Extraction of petroleum">Production</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Petroleum_fiscal_regime" title="Petroleum fiscal regime">Petroleum fiscal regime</a> <ul><li><a href="/wiki/Petroleum_licensing" title="Petroleum licensing">Concessions</a></li> <li><a href="/wiki/Production_sharing_agreement" title="Production sharing agreement">Production sharing agreements</a></li></ul></li> <li><a href="/wiki/Artificial_lift" title="Artificial lift">Artificial lift</a> <ul><li><a href="/wiki/Gas_lift" title="Gas lift">Gas lift</a></li> <li><a href="/wiki/Pumpjack" title="Pumpjack">Pumpjack</a></li> <li><a href="/wiki/Submersible_pump" title="Submersible pump">Submersible pump (ESP)</a></li></ul></li> <li><a href="/wiki/Downstream_(petroleum_industry)" title="Downstream (petroleum industry)">Downstream</a></li> <li><a href="/wiki/Enhanced_oil_recovery" title="Enhanced oil recovery">Enhanced oil recovery (EOR)</a> <ul><li><a href="/wiki/Gas_reinjection" title="Gas reinjection">Gas reinjection</a></li> <li><a href="/wiki/Steam_injection_(oil_industry)" title="Steam injection (oil industry)">Steam injection</a></li></ul></li> <li><a href="/wiki/Midstream" title="Midstream">Midstream</a></li> <li><a href="/wiki/Petroleum_product" title="Petroleum product">Petroleum product</a></li> <li><a href="/wiki/Pipeline" title="Pipeline">Pipeline</a></li> <li><a href="/wiki/Oil_refinery" title="Oil refinery">Refining</a></li> <li><a href="/wiki/Upstream_(petroleum_industry)" title="Upstream (petroleum industry)">Upstream</a></li> <li><a href="/wiki/Water_injection_(oil_production)" title="Water injection (oil production)">Water injection</a></li> <li><a href="/wiki/Well_intervention" title="Well intervention">Well intervention</a></li> <li><a href="/wiki/Christmas_tree_(oil_well)" title="Christmas tree (oil well)">XT</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left;"><a href="/wiki/History_of_the_petroleum_industry" title="History of the petroleum industry">History</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1967_Oil_Embargo" title="1967 Oil Embargo">1967 Oil Embargo</a></li> <li><a href="/wiki/1973_oil_crisis" title="1973 oil crisis">1973 oil crisis</a></li> <li><a href="/wiki/1979_oil_crisis" title="1979 oil crisis">1979 oil crisis</a></li> <li><a href="/wiki/1980s_oil_glut" title="1980s oil glut">1980s oil glut</a></li> <li><a href="/wiki/1990_oil_price_shock" title="1990 oil price shock">1990 oil price shock</a></li> <li><a href="/wiki/2000s_energy_crisis" title="2000s energy crisis">2000s energy crisis</a></li> <li><a class="mw-selflink selflink">2010s oil glut</a></li> <li><a href="/wiki/2020_Russia%E2%80%93Saudi_Arabia_oil_price_war" title="2020 Russia–Saudi Arabia oil price war">2020 Russia–Saudi Arabia oil price war</a></li> <li><a href="/wiki/Nationalization_of_oil_supplies" title="Nationalization of oil supplies">Nationalization</a></li> <li><a href="/wiki/Gas_Exporting_Countries_Forum" title="Gas Exporting Countries Forum">GECF</a></li> <li><a href="/wiki/OPEC" title="OPEC">OPEC</a></li> <li><a href="/wiki/Seven_Sisters_(oil_companies)" class="mw-redirect" title="Seven Sisters (oil companies)">Seven Sisters</a></li> <li><a href="/wiki/Standard_Oil" title="Standard Oil">Standard Oil</a></li> <li><a href="/wiki/History_of_the_petroleum_industry_in_Canada" title="History of the petroleum industry in Canada">Canada</a></li> <li><a href="/wiki/History_of_the_petroleum_industry_in_France" title="History of the petroleum industry in France">France</a></li> <li><a href="/wiki/History_of_the_oil_industry_in_India" title="History of the oil industry in India">India</a></li> <li><a href="/wiki/Petroleum_industry_in_Iraq" title="Petroleum industry in Iraq">Iraq</a></li> <li><a href="/wiki/History_of_the_petroleum_industry_in_Norway" title="History of the petroleum industry in Norway">Norway</a></li> <li><a href="/wiki/History_of_the_oil_industry_in_Saudi_Arabia" title="History of the oil industry in Saudi Arabia">Saudi Arabia</a></li> <li><a href="/wiki/History_of_the_petroleum_industry_in_the_United_States" title="History of the petroleum industry in the United States">United States</a></li> <li><a href="/wiki/History_of_the_Venezuelan_oil_industry" title="History of the Venezuelan oil industry">Venezuela</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left;">Provinces<br />and fields</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_natural_gas_fields" title="List of natural gas fields">List of natural gas fields</a></li> <li><a href="/wiki/List_of_oil_fields" title="List of oil fields">List of oil fields</a></li> <li><a href="/wiki/Caspian_Sea" title="Caspian Sea">Caspian Sea</a></li> <li><a href="/wiki/East_Midlands_Oil_Province" title="East Midlands Oil Province">East Midlands Oil Province</a></li> <li><a href="/wiki/East_Texas_Oil_Field" title="East Texas Oil Field">East Texas</a></li> <li><a href="/wiki/Gulf_of_Mexico" title="Gulf of Mexico">Gulf of Mexico</a></li> <li><a href="/wiki/Niger_Delta#Nigerian_oil" title="Niger Delta">Niger Delta</a></li> <li><a href="/wiki/North_Sea_oil" title="North Sea oil">North Sea</a></li> <li><a href="/wiki/Permian_Basin_(North_America)" title="Permian Basin (North America)">Permian Basin</a></li> <li><a href="/wiki/Persian_Gulf" title="Persian Gulf">Persian Gulf</a></li> <li><a href="/wiki/Prudhoe_Bay_Oil_Field" title="Prudhoe Bay Oil Field">Prudhoe Bay</a></li> <li><a href="/wiki/Oil_reserves_in_Russia" title="Oil reserves in Russia">Russia</a></li> <li><a href="/wiki/Oil_reserves_in_Venezuela" title="Oil reserves in Venezuela">Venezuela</a></li> <li><a href="/wiki/Western_Canadian_Sedimentary_Basin" class="mw-redirect" title="Western Canadian Sedimentary Basin">Western Canadian Sedimentary Basin</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left;">Other topics</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_abbreviations_in_oil_and_gas_exploration_and_production" title="List of abbreviations in oil and gas exploration and production">Abbreviations</a></li> <li>Classification <ul><li><a href="/wiki/Sweet_crude_oil" title="Sweet crude oil">sweet oil</a></li> <li><a href="/wiki/Sour_crude_oil" title="Sour crude oil">sour oil</a></li></ul></li> <li><a href="/wiki/Oil_shale_gas" title="Oil shale gas">Oil shale gas</a></li> <li><a href="/wiki/Orphan_wells" title="Orphan wells">Orphan wells</a></li> <li><a href="/wiki/Peak_oil" title="Peak oil">Peak oil</a> <ul><li><a href="/wiki/Fossil_fuel_phase-out" title="Fossil fuel phase-out">fossil fuel phase-out</a></li> <li><a href="/wiki/Predicting_the_timing_of_peak_oil" title="Predicting the timing of peak oil">timing</a></li></ul></li> <li><a href="/wiki/Petrocurrency" title="Petrocurrency">Petrocurrency</a></li> <li><a href="/wiki/Petrodollar_recycling" title="Petrodollar recycling">Petrodollar recycling</a></li> <li><a href="/wiki/Petrofiction" title="Petrofiction">Petrofiction</a></li> <li><a href="/wiki/Shale_band" title="Shale band">Shale band</a></li> <li><a href="/wiki/Shale_gas" title="Shale gas">Shale gas</a></li> <li><a href="/wiki/Swing_producer" title="Swing producer">Swing producer</a></li> <li><a href="/wiki/Unconventional_(oil_and_gas)_reservoir" title="Unconventional (oil and gas) reservoir">Unconventional (oil and gas) reservoir</a> <ul><li><a href="/wiki/Heavy_crude_oil" title="Heavy crude oil">heavy crude</a></li> <li><a href="/wiki/Oil_sands" title="Oil sands">oil sands</a></li> <li><a href="/wiki/Oil_shale" title="Oil shale">oil shale</a></li> <li><a href="/wiki/Tight_oil" title="Tight oil">tight oil</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left;">Companies and<br />organisations</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left;"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Major<br /><a href="/wiki/List_of_oil_exploration_and_production_companies" title="List of oil exploration and production companies">petroleum<br />companies</a></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left; font-weight:normal;"><a href="/wiki/Big_Oil" title="Big Oil">Supermajors</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/BP" title="BP">BP</a></li> <li><a href="/wiki/Chevron_Corporation" title="Chevron Corporation">Chevron</a></li> <li><a href="/wiki/Eni" title="Eni">Eni</a></li> <li><a href="/wiki/ExxonMobil" title="ExxonMobil">ExxonMobil</a></li> <li><a href="/wiki/Shell_plc" title="Shell plc">Shell</a></li> <li><a href="/wiki/TotalEnergies" title="TotalEnergies">TotalEnergies</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left; font-weight:normal;"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/National_oil_company" title="National oil company">National oil<br />companies</a></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Abu_Dhabi_National_Oil_Company" title="Abu Dhabi National Oil Company">Abu Dhabi National Oil Company</a></li> <li><a href="/wiki/ANCAP_(Uruguay)" title="ANCAP (Uruguay)">ANCAP</a></li> <li><a href="/wiki/Bharat_Petroleum" title="Bharat Petroleum">Bharat Petroleum</a></li> <li><a href="/wiki/China_National_Offshore_Oil_Corporation" title="China National Offshore Oil Corporation">China National Offshore Oil Corporation</a></li> <li><a href="/wiki/China_National_Petroleum_Corporation" title="China National Petroleum Corporation">China National Petroleum Corporation</a></li> <li><a href="/wiki/Ecopetrol" title="Ecopetrol">Ecopetrol</a></li> <li><a href="/wiki/Equinor" title="Equinor">Equinor</a></li> <li><a href="/wiki/Gazprom" title="Gazprom">Gazprom</a></li> <li><a href="/wiki/Hindustan_Petroleum" title="Hindustan Petroleum">Hindustan Petroleum</a></li> <li><a href="/wiki/Indian_Oil_Corporation" title="Indian Oil Corporation">Indian Oil Corporation</a></li> <li><a href="/wiki/Iraq_National_Oil_Company" title="Iraq National Oil Company">Iraq National Oil Company</a></li> <li><a href="/wiki/KazMunayGas" title="KazMunayGas">KazMunayGas</a></li> <li><a href="/wiki/Kuwait_Petroleum_Corporation" title="Kuwait Petroleum Corporation">Kuwait Petroleum Corporation</a></li> <li><a href="/wiki/Grupa_Lotos" title="Grupa Lotos">Lotos</a></li> <li><a href="/wiki/Naftogaz" title="Naftogaz">Naftogaz</a></li> <li><a href="/wiki/National_Iranian_Oil_Company" title="National Iranian Oil Company">National Iranian Oil Company</a></li> <li><a href="/wiki/National_Iranian_South_Oil_Company" title="National Iranian South Oil Company">National Iranian South Oil Company</a></li> <li><a href="/wiki/NNPC_Limited" title="NNPC Limited">NNPC Limited</a></li> <li><a href="/wiki/Oil_%26_Gas_Development_Company" title="Oil & Gas Development Company">Oil & Gas Development Company</a></li> <li><a href="/wiki/Oil_and_Natural_Gas_Corporation" title="Oil and Natural Gas Corporation">Oil and Natural Gas Corporation</a></li> <li><a href="/wiki/Orlen" title="Orlen">Orlen</a></li> <li><a href="/wiki/PDVSA" title="PDVSA">PDVSA</a></li> <li><a href="/wiki/Pemex" title="Pemex">Pemex</a></li> <li><a href="/wiki/Pertamina" title="Pertamina">Pertamina</a></li> <li><a href="/wiki/Petrobangla" title="Petrobangla">Petrobangla</a></li> <li><a href="/wiki/Petrobras" title="Petrobras">Petrobras</a></li> <li><a href="/wiki/PetroChina" title="PetroChina">PetroChina</a></li> <li><a href="/wiki/Petronas" title="Petronas">Petronas</a></li> <li><a href="/wiki/Petrovietnam" title="Petrovietnam">Petrovietnam</a></li> <li><a href="/wiki/PTT_Public_Company_Limited" title="PTT Public Company Limited">PTT Public Company Limited</a></li> <li><a href="/wiki/QatarEnergy" title="QatarEnergy">QatarEnergy</a></li> <li><a href="/wiki/Rosneft" title="Rosneft">Rosneft</a></li> <li><a href="/wiki/Saudi_Aramco" title="Saudi Aramco">Saudi Aramco</a></li> <li><a href="/wiki/Sinopec" title="Sinopec">Sinopec</a></li> <li><a href="/wiki/SOCAR" title="SOCAR">SOCAR</a></li> <li><a href="/wiki/Sonangol_Group" title="Sonangol Group">Sonangol</a></li> <li><a href="/wiki/Sonatrach" title="Sonatrach">Sonatrach</a></li> <li><a href="/wiki/TPAO" title="TPAO">TPAO</a></li> <li><a href="/wiki/YPF" title="YPF">YPF</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left; font-weight:normal;"><a href="/wiki/Energy_trading" class="mw-redirect" title="Energy trading">Energy trading</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Enron" title="Enron">Enron</a></li> <li><a href="/wiki/Glencore" title="Glencore">Glencore</a></li> <li><a href="/wiki/Gunvor" title="Gunvor">Gunvor</a></li> <li><a href="/wiki/Mercuria" title="Mercuria">Mercuria</a></li> <li><a href="/wiki/Naftiran_Intertrade" title="Naftiran Intertrade">Naftiran Intertrade</a></li> <li><a href="/wiki/Trafigura" title="Trafigura">Trafigura</a></li> <li><a href="/wiki/Vitol" title="Vitol">Vitol</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left; font-weight:normal;">Others</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/APA_Corporation" title="APA Corporation">APA Corporation</a></li> <li><a href="/wiki/Cenovus_Energy" title="Cenovus Energy">Cenovus Energy</a></li> <li><a href="/wiki/Cepsa" title="Cepsa">Cepsa</a></li> <li><a href="/wiki/ConocoPhillips" title="ConocoPhillips">ConocoPhillips</a></li> <li><a href="/wiki/Devon_Energy" title="Devon Energy">Devon Energy</a></li> <li><a href="/wiki/Eneos_Holdings" title="Eneos Holdings">Eneos Holdings</a></li> <li><a href="/wiki/Galp_Energia" title="Galp Energia">Galp Energia</a></li> <li><a href="/wiki/Hess_Corporation" title="Hess Corporation">Hess Corporation</a></li> <li><a href="/wiki/Husky_Energy" title="Husky Energy">Husky Energy</a></li> <li><a href="/wiki/Imperial_Oil" title="Imperial Oil">Imperial Oil</a></li> <li><a href="/wiki/Lukoil" title="Lukoil">Lukoil</a></li> <li><a href="/wiki/Marathon_Oil" title="Marathon Oil">Marathon Oil</a></li> <li><a href="/wiki/Marathon_Petroleum" title="Marathon Petroleum">Marathon Petroleum</a></li> <li><a href="/wiki/Occidental_Petroleum" title="Occidental Petroleum">Occidental Petroleum</a></li> <li><a href="/wiki/OMV" title="OMV">OMV</a></li> <li><a href="/wiki/Phillips_66" title="Phillips 66">Phillips 66</a></li> <li><a href="/wiki/Port_Harcourt_Refining_Company" title="Port Harcourt Refining Company">Port Harcourt Refining Company</a></li> <li><a href="/wiki/Reliance_Industries" title="Reliance Industries">Reliance Industries</a></li> <li><a href="/wiki/Repsol" title="Repsol">Repsol</a></li> <li><a href="/wiki/Suncor_Energy" title="Suncor Energy">Suncor Energy</a></li> <li><a href="/wiki/Sunoco" title="Sunoco">Sunoco</a></li> <li><a href="/wiki/Surgutneftegas" title="Surgutneftegas">Surgutneftegas</a></li> <li><a href="/wiki/TechnipFMC" title="TechnipFMC">TechnipFMC</a></li> <li><a href="/wiki/TNK-BP" title="TNK-BP">TNK-BP</a></li> <li><a href="/wiki/Tullow_Oil" title="Tullow Oil">Tullow Oil</a></li> <li><a href="/wiki/T%C3%BCpra%C5%9F" title="Tüpraş">Tüpraş</a></li> <li><a href="/wiki/Valero_Energy" title="Valero Energy">Valero Energy</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left;"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Major<br /><a href="/wiki/List_of_oilfield_service_companies" title="List of oilfield service companies">services<br />companies</a></div></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Amec_Foster_Wheeler" title="Amec Foster Wheeler">Amec Foster Wheeler</a></li> <li><a href="/wiki/Baker_Hughes" title="Baker Hughes">Baker Hughes</a></li> <li><a href="/wiki/Cameron_International" title="Cameron International">Cameron International</a></li> <li><a href="/wiki/CGG_(company)" title="CGG (company)">CGG</a></li> <li><a href="/wiki/CH2M" title="CH2M">CH2M</a></li> <li><a href="/wiki/Chicago_Bridge_%26_Iron_Company" title="Chicago Bridge & Iron Company">Chicago Bridge & Iron Company</a></li> <li><a href="/wiki/China_Oilfield_Services" title="China Oilfield Services">China Oilfield Services</a></li> <li><a href="/wiki/Enbridge" title="Enbridge">Enbridge</a></li> <li><a href="/wiki/GE_Power" title="GE Power">GE Power</a></li> <li><a href="/wiki/Halliburton" title="Halliburton">Halliburton</a></li> <li><a href="/wiki/Nabors_Industries" title="Nabors Industries">Nabors Industries</a></li> <li><a href="/wiki/Naftiran_Intertrade" title="Naftiran Intertrade">Naftiran Intertrade</a></li> <li><a href="/wiki/NOV_Inc." title="NOV Inc.">NOV Inc.</a></li> <li><a href="/wiki/Petrofac" title="Petrofac">Petrofac</a></li> <li><a href="/wiki/Saipem" title="Saipem">Saipem</a></li> <li><a href="/wiki/Schlumberger" title="Schlumberger">Schlumberger</a></li> <li><a href="/wiki/Snam" title="Snam">Snam</a></li> <li><a href="/wiki/Subsea_7" title="Subsea 7">Subsea 7</a></li> <li><a href="/wiki/TC_Energy" title="TC Energy">TC Energy</a></li> <li><a href="/wiki/Transocean" title="Transocean">Transocean</a></li> <li><a href="/wiki/Valaris_Limited" title="Valaris Limited">Valaris Limited</a></li> <li><a href="/wiki/Weatherford_International" title="Weatherford International">Weatherford International</a></li> <li><a href="/wiki/John_Wood_Group" title="John Wood Group">John Wood Group</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;text-align:left;">Others</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/American_Petroleum_Institute" title="American Petroleum Institute">American Petroleum Institute</a></li> <li><a href="/wiki/Canadian_petroleum_companies" title="Canadian petroleum companies">Canadian petroleum companies</a></li> <li><a href="/wiki/Intercontinental_Exchange_Futures" title="Intercontinental Exchange Futures">Intercontinental Exchange Futures</a></li> <li><a href="/wiki/International_Association_of_Oil_%26_Gas_Producers" title="International Association of Oil & Gas Producers">International Association of Oil & Gas Producers</a></li> 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