Deals with globalization as the main core of the decline in oil price

3. Offshore Drilling
and ROV’s
Hydraulic
Fracturing
Seismic Imaging
CHANGE IN
TECHNOLOGY

5. OPEC determines production
and prices of oil.
1.2 trillion of oil belong to OPEC
USA
Russia
Mexico
Norway

9. In 1986, the Saudi market share war.
In 1988, the oil glut happened.
The Gulf War in 1991 caused the third cycle

10.  The fourth downturn cycle
happened in 1998 due to a lack of
oil buyers in the Asian market.
 2001 and 2008 recessions –
the great recessions
 In March 2014, the United States, the European Union, Japan and other
countries started imposing sanctions against Eastern Ukrainian and Russian
individuals and entities in response to developments in Crimea and Eastern
Ukraine.