Oil is considered scarce when its supply falls short of a specified level of demand (Carollo, 2012, p.12). If supply cannot meet demand at the prevailing market price, prices must rise to encourage more supply and to ration demand (Carollo, 2012, p.13). In this sense, oil scarcity is reflected in the market price. Oil is the most traded commodity and it accounts for 10% of world exports (Berlatsky, 2013, p.32). Changes in oil market conditions, supply and demand have direct and indirect effects on the global economy. Inflation, poverty, stagnant growth, and development are some of the results of oil market conditions. Oil scarcity is measured by its price developments.
Economic problems of Oil scarcity
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