Impact of global events on crude oil economy: a comprehensive review of the geopolitics of energy and economic polarization.

The impact of crude oil on global industrialization and economic growth has been profound since its initial discovery. The geopolitical uncertainties and global pandemic events have always affected the trend of crude oil prices. This article provides a systematic analysis of the correlation between significant changes in the price of crude oil and global events. This comprehensive study spans over 160 years, encapsulating the evolution of the oil industry in four distinct phases. The first phase, “Initial phase of the Oil boom (1860 to 1900)” highlights the rapid oscillation in oil prices driven by demand–supply imbalances. The subsequent phase, “The period of global rebellion (1901–1945)” delves into the era of rapid industrialization, geopolitical dominance, and conflicts over the emerging oil economy. The third phase, “Industrial Expansion & emergence of OPEC (1946–2000)” provides intriguing insights into the interplay between the global economy, oil prices, and the geopolitical supremacy of developed nations. This period witnessed a roller-coaster ride in oil prices, marked by rapid fluctuations fueled by conflicts among oil-producing Gulf countries. The fourth phase, “Post K20 phase (2001–2023)” explores the advent of the digital economy, process automation, and the dominant control of producer countries on oil prices. Within this era, significant challenges emerged for major oil-consuming nations such as India and China as they sought to harmonize economic growth with fluctuating oil prices. Additionally, this phase witnessed geographical uncertainties in oil pricing exacerbated by natural disasters, pivotal events like the 9/11 terrorist attack, the COVID-19 pandemic, the Russia-Ukraine conflict, and booming demand from Asian countries in a later phase. Overall, the current review encapsulates the profound influence of crude oil on the socioeconomic and geopolitical landscape of our world. [ABSTRACT FROM AUTHOR]