Concept:An oil glut occurs when the quantity of crude oil supplied in the international market is far greater than the quantity demanded.
Explanation:Oil glut is a situation of excess supply over demand.
This means producers are offering more oil than buyers are willing to purchase at the existing price.
As a result, unsold oil accumulates, putting downward pressure on the price.
Excess demand would cause scarcity, not a glut.
Under-capacity utilization may reduce output, and an economic boom usually raises demand, so neither causes a glut.
Answer:Excess supply over demand. Therefore, the correct option is C.