How readily the supply side of the oil market will respond is difficult to predict. In a physical sense, the world is not in imminent danger of running out of oil.
Expansion in private sector credit, in the subsequent years, did not put much pressure as the government borrowing was limited to a manageable level. As the monetary conditions improved the interest rate came down gradually to a single digit and demand for credit by the private businesses picked up resulting in higher capacity utilization in manufacturing and increased industrial production.