It is inductive reasoning: generalizing from a small sample to a bigger population. Deductive reasoning would be, if the sentences were in the other order. It's also not faulty, as it's not contradictory.
The oil crisis was when Iranian Oil no longer was sold in the U.S. and it was a problem because that was where the oil came from and caused a shortage. I'm gonna say the first one?
Oil demand has been waning in Japan. Oil in Japan is mostly supplied by the Middle East such as Saudi Arabia or Iran, as well as Russia.
Saudi Arabia, officially known as the Kingdom of Saudi Arabia, is the world's number one oil exporter and the country with the largest amount of oil reserves.
