A Glut is a situation that a supply of something is much greater than its demand, sold, or needed, usually fall in a price. The 1980s Oil Glut was a serious surplus of crude oil caused by falling demand following the 1970s Energy Crisis. The world price of oil, which had peaked in 1980 at over US$35 per barrel, fell in 1986 from $27 to below $10.
Related Definitions in the Project: The Commercial Definitions
