Cody Mitchell
Katerina Koule
Vasiliki Pantzia

History of oil crisis and oil wars

OPEC – The leader of the oil market

“Organization of the Petroleum
Exporting Countries”
 79% of world crude oil reserves

44% of the world’s crude oil production

Oil crisis of 1973

Occurred by the OPEC’s embargo to
USA, Japan and Western Europe.
 Net loss of 4 million barrels/day
 7.5% of the global output

Oil crisis of 1973
October 1973 - $21.06 per barrel
March 1974 - $47.41 per barrel
Annual change – 147%

Oil crisis of 1990-91
 Occurred due to the Gulf War (August
1990-February 1991)
 32 nations led by the United States against Iraq.

Oil crisis of 1990-91
August 1990 - $36 per barrel
February 1991 - $56.39 per barrel
Annual change – 65%

Oil crisis 2003
 Occurred due to the Iraq War.
 March 2003 – invasion of USA and UK in Iraq

Oil crisis 2003
March 2003 – $40 per barrel
July 2008 - $136 per barrel

Extract from the History Chanel documentary “History of Oil”

 Thank You