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