Oil crises recurring since 1973
The article discusses the history and significance of oil crises that the world has experienced from 1973 through 2026. It explains how these oil shocks have repeated as a result of major geopolitical events such as the Arab oil embargo, the Iranian Revolution, Iraq's invasion of Kuwait, as well as incidents related to the Ukraine war and the Strait of Hormuz crisis. It highlights how these crises led to supply shortages, rising oil prices, and countries resorting to strategic reserves to soothe markets. Additionally, it forecasts a reduction in global oil supplies by 3.7 million barrels per day in 2026, which would be among the largest supply disruptions in history.
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