The world's largest oil price crises 0
1. 1973 – the first oil price shock
On October 16, 1973, 10 days after the Egyptian/Syrian coalition launched the war against Israel, 6 Gulf countries in the Organization of Petroleum Exporting Countries (OPEC) raised oil prices by 70%.
Using oil as a political weapon, OPEC also imposed an embargo on Western countries that they considered supporting Israel.
1. 1973 – the first oil price shock
On October 16, 1973, 10 days after the Egyptian/Syrian coalition launched the war against Israel, 6 Gulf countries in the Organization of Petroleum Exporting Countries (OPEC) raised oil prices by 70%.
Using oil as a political weapon, OPEC also imposed an embargo on Western countries that they considered supporting Israel.
2. Year 1979
Due to the combined impact of the Islamic revolution in Iran and the subsequent Iran-Iraq war (1980-1981), world crude oil production decreased, causing prices to skyrocket again.
2. Year 1979
Due to the combined impact of the Islamic revolution in Iran and the subsequent Iran-Iraq war (1980-1981), world crude oil production decreased, causing prices to skyrocket again.
3. Year 1986
When the world economy declined, oil prices also fell from December 1985 to the end of 1986, despite many rounds of production cuts, because OPEC could not convince countries that did not belong to this organization to follow suit.
Kuwait and Saudi Arabia therefore decided to launch a price war by increasing oil pumping into the market.
Prices then climbed above $40 a barrel in the late 1990s, just before the first Gulf War broke out.
3. Year 1986
When the world economy declined, oil prices also fell from December 1985 to the end of 1986, despite many rounds of production cuts, because OPEC could not convince countries that did not belong to this organization to follow suit.
Kuwait and Saudi Arabia therefore decided to launch a price war by increasing oil pumping into the market.
Prices then climbed above $40 a barrel in the late 1990s, just before the first Gulf War broke out.
4. Year 1997
In November 1997, OPEC countries decided to increase production by 10% without paying attention to the Asian financial crisis.
OPEC then struggled for nearly 1.5 years to resolve this.
4. Year 1997
In November 1997, OPEC countries decided to increase production by 10% without paying attention to the Asian financial crisis.
OPEC then struggled for nearly 1.5 years to resolve this.
5. Year 2004-2007
Since mid-2004, oil prices have increased due to global geopolitical tensions.
In October 2004, the price of a barrel of oil skyrocketed to over 50 USD.
5. Year 2004-2007
Since mid-2004, oil prices have increased due to global geopolitical tensions.
In October 2004, the price of a barrel of oil skyrocketed to over 50 USD.
6. Year 2008
In January 2008, oil prices exceeded the psychological threshold of 100 USD per barrel, due to falling crude oil reserves in the US and slowing Chinese economic growth.
6. Year 2008
In January 2008, oil prices exceeded the psychological threshold of 100 USD per barrel, due to falling crude oil reserves in the US and slowing Chinese economic growth.
7. Year 2008-2009
In just 5 months, oil prices lost nearly two-thirds, reaching 32 USD a barrel in December 2008.
The reduction in production helped oil prices bounce up in early 2009. By the end of June, prices were above 73 USD a barrel.
7. Year 2008-2009
In just 5 months, oil prices lost nearly two-thirds, reaching 32 USD a barrel in December 2008.
The reduction in production helped oil prices bounce up in early 2009. By the end of June, prices were above 73 USD a barrel.
8. Year 2011
Libya’s production shutdown due to civil war pushed prices up 35% in just the first 3 months of the year, to 127 USD a barrel.
8. Year 2011
Libya’s production shutdown due to civil war pushed prices up 35% in just the first 3 months of the year, to 127 USD a barrel.
9. Year 2015-2016
Global oversupply due to the shale oil boom in the US has caused oil prices to plummet since mid-2014. Last year, world crude oil lost more than 30% and at the beginning of this year alone it lost 20%.
In mid-2014, a barrel of oil cost 110 USD.
9. Year 2015-2016
Global oversupply due to the shale oil boom in the US has caused oil prices to plummet since mid-2014. Last year, world crude oil lost more than 30% and at the beginning of this year alone it lost 20%.
In mid-2014, a barrel of oil cost 110 USD.
Ha Thu (according to AFP)
