The 1990 oil price shock in response to the Iraqi invasion of Kuwait. The price of oil rose from $ 20 to $ 25, but the spike still contributed to the recession of the early 1990s. In the late 1990s, the price of oil weakened further, prices of oil rose from $17 per barrel in July to $36 per barrel in October. Concerns about long-term supply shortages eased and prices began to fall.
OPEC increased its quota by 10 percent to 2.5 million barrels per day as Asian Pacific oil consumption declined in 1998 for the first time in 16 years.
As oil prices plummeted during 1998, in 1997-1998 real oil prices had fallen to about $15, OPEC cut quotas by 1.25 million barrels per day in April and 1.33 million barrels per day in July. Prices began to recover
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It rose 19% from the average in 2002. The 2003 invasion of Iraq marked a significant event for oil markets because Iraq contains a large amount of global oil reserves. The conflict coincided with an increase in global demand for petroleum, but it also reduced Iraq's current oil production and has been blamed for increasing oil prices (Collier; Robert, 2005). According to Simmons, isolated events, such as the Iraq war, affect short-term prices, but do not determine a long-term trend. Simmons cites the use of enhanced oil recovery techniques in large fields such as Mexico's Cantarell, which maintained production for a few years until it eventually declined. Pumping oil out of Iraq may reduce petroleum prices in the short term, but will be unable to perpetually lower the price. From Simmons' point of view, the invasion of Iraq is associated with the start of long-term increase in oil prices, but it may mitigate the decline in oil production by retaining a partial amount of Iraq's oil reserves. As a direct consequence, the oil production capacity was diminished to 2 million barrels (320 000 m3) per day (Youssef; Ibrahim,