increase" in the price of oil globally, partially in response to the 1973 and 1979 oil crises. In 1980, globally averaged prices "spiked" to US$107.27. Historically, there have been a number of factors affecting the global price of oil. These have included the Organization of Arab Petroleum Exporting Countries led by Saudi Arabia resulting in the 1973 oil crisis, the Iranian Revolution in the 1979 oil crisis, Iran–Iraq War (1980–1988), the 1990 Invasion of Kuwait by Iraq, the 1991 Gulf War, the 1997 Asian financial crisis, the September 11 attacks, the 2002–2003 national strike in Venezuela's state-owned oil company Petróleos de Venezuela, S.A. (PDVSA), Organization of the Petroleum Exporting Countries (OPEC), the 2007–2008 global financial collapse (GFC), OPEC 2009 cut in oil production, the Arab Spring 2010s uprisings in Egypt and Libya, the ongoing Syrian civil war (2011–present), the 2013 oil supply glut that led to the "largest oil price declines in modern history" in 2014 to 2016. The 70% decline in global oil prices was "one of the three biggest declines since World War II, and the longest lasting since the supply-driven collapse of 1986." By 2015 the United States was the 3rd largest producer of oil moving from importer to exporter. The 2020 Russia–Saudi Arabia oil price war resulted in a 65% decline in global oil prices at the beginning of the COVID-19 pandemic. Structural drivers affecting historical global oil prices include are "oil supply shocks, oil-market-specific demand shocks, storage demand shocks", "shocks to global economic growth", and "speculative demand for oil stocks above the ground". Analyses of oil price fluctuations Oil prices are determined by global forces of supply and demand, according to the classical economic model of price determination in microeconomics. The demand for oil is highly dependent on global macroeconomic conditions. According to the International Energy Agency, high oil prices generally have a large negative impact on global economic growth. In response to the 1973 oil crisis, in 1974, the RAND Corporation presented a new economic model of the global oil market that included four sectors—"crude production, transportation, refining, and consumption of products" and these regions—United States, Canada, Latin America, Europe, the Middle East and Africa, and Asia. The study listed exogenous variables that can affect the price of oil: "regional supply and demand equations, the technology of refining, and government policy variables". Based on these exogenous variables, their proposed economic model would be able