An oil crisis refers to a period marked by limited availability or increased prices of petroleum products due to geopolitical conflicts or disruptions in oil production.
Related terms
OPEC: The Organization of Petroleum Exporting Countries is a group of oil-producing nations that coordinate policies on oil production and pricing.
Energy Crisis: A period characterized by a significant shortage or disruption in the availability of energy resources, such as oil or electricity.
Arab Oil Embargo: An event in 1973 when several Arab countries imposed an embargo on oil exports to Western nations, leading to a global energy crisis and economic impacts.