Offshore drilling technology has advanced with remote operated vehicles and hydraulic fracturing allowing more oil extraction. OPEC determines production levels and prices for over 1.2 trillion barrels of oil reserves they control across various member countries like Saudi Arabia and Russia. Geopolitical events like the Gulf War and Russian sanctions have impacted oil supply and created downturn cycles in the global market.

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.