Explain the case of adverse supply shock in oil market

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"The most disruptive supply shocks in recenthistory were caused by OPEC, the Organization of PetroleumExporting Countries. In the early 1970s, OPEC's coordinatedreduction in the supply of oil nearly doubled the world price. This increase in oil prices caused stagflation in most industrialcountries."

The above scenario shows the case of adverse supply shock in oil market. In which condition there will be a favorablesupply shock in oil market? What will be the impact of this shock?

Reference no: EM13243498

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