7
/10 Severity
Global Oil Price Collapse
commodity shock
Jun 2014
→ Feb 2016
GDP Impact
-1.5%
Countries Affected
30
Duration
20.931034482759 months
Recovery
- months
Description
Oil prices fell from over $100 per barrel to below $30, causing severe economic stress in oil-dependent economies.
Causes
US shale oil production surge, OPEC market share strategy, slowing Chinese demand, strong USD.
Consequences
Russian ruble crisis, Venezuelan economic collapse, budget crises in oil-exporting nations, energy sector job losses.
Quick Facts
- Event Type
- commodity shock
- Start Date
- Jun 01, 2014
- End Date
- Feb 28, 2016
- Peak Year
- 2014