Oil supply refers to the total amount of crude oil available for extraction and production in the market. It is influenced by various factors, including geopolitical stability, technological advancements, and global demand. Countries with large oil reserves, such as Saudi Arabia and Russia, play a significant role in determining the overall supply. The oil supply can fluctuate due to changes in production levels, natural disasters, or economic conditions. Organizations like OPEC (Organization of the Petroleum Exporting Countries) often coordinate to manage oil production and stabilize prices. Understanding oil supply is crucial for industries and economies that rely on this vital resource.