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 events, technological advancements, and market demand. Countries with large oil reserves, such as Saudi Arabia and Russia, play a significant role in determining global oil supply levels. The oil supply can fluctuate due to changes in production rates, natural disasters, or economic conditions. Organizations like the Organization of the Petroleum Exporting Countries (OPEC) often coordinate to manage oil production to stabilize prices. Understanding oil supply is crucial for industries and consumers alike, as it affects fuel prices and overall economic stability.