History of oil crisis and oil wars

1. Cody Mitchell Katerina Koule VasilikiPantzia History of oil crisis and oil wars

2. History of oil crisis and oil wars

3. 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

4. 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

5. Oil crisis of 1973 October 1973 - $21.06 per barrelMarch 1974 - $47.41 per barrelAnnual change – 147%

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

7. Oil crisis of 1990-91 August 1990 - $36 per barrelFebruary 1991 - $56.39 per barrelAnnual change – 65%

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

9. Oil crisis 2003 March 2003 – $40 per barrelJuly 2008 - $136 per barrel

10. Extract from the History Chanel documentary “History of Oil”

11. Thank You