History of oil crisis and oil wars

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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

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