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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The 6 most important historical stations where oil supplies have stopped globally

    Rocky
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    • Post n°1

    The 6 most important historical stations where oil supplies have stopped globally Empty The 6 most important historical stations where oil supplies have stopped globally

    Post by Rocky Tue Sep 17, 2019 11:17 am

    The 6 most important historical stations where oil supplies have stopped globally

    The 6 most important historical stations where oil supplies have stopped globally 966












    Economy News - Baghdad:
    Energy expert and former Iraqi Oil Minister Issam Chalabi said that the suspension of Saudi oil supplies by 5.7 million barrels per day - following attacks on facilities belonging to Aramco last Saturday - is the largest ever.
    Chalabi reviewed the most prominent historical stations that have seen a halt to global oil supplies:
    The tripartite aggression against the Suez Canal in 1956, which also led to the suspension of about two million barrels per day.
    2. During the October 1973 war and the Arab boycott, where global oil supplies were disrupted by 4.3 million barrels per day.
    3 - When the Iranian Islamic Revolution in 1979, supplies stopped at about 5.5 million barrels per day.
    4. The Iran-Iraq war, which began in September 1980 and lasted for eight years, but had its impact for a few months, led to the blocking of about four million barrels per day.
    5. Iraq's invasion of Kuwait in 1990 led to the suspension of oil supplies by 4.2 million barrels per day.
    6 - the war on Iraq in 2003, has blocked more than two million barrels per day.
    Oil expert Khalis Chalabi stressed that all these incidents led to the rise in prices according to these periods, while markets are awaiting the outcome of these prices after the new attacks on the facilities of Abqaiq and Khurais.
    The importance of the Middle East
    On the first trading day after the attacks on Aramco's facilities, oil closed up 15%, with Brent crude recording the biggest daily jump in more than 30 years at $ 69.02, before prices fell in early trading on Tuesday.
     
    The Middle East is of critical importance to the global energy and oil supply industry, with 49% of the world's proven oil reserves, more than 33% of global production and 70% of natural gas reserves, according to BP Worldwide.
     
    Saudi Arabia holds the second largest oil reserves of 267 billion barrels, behind Venezuela (303 billion barrels). While OPEC members account for about 80% of proven oil reserves in the world, including 64.5% in the Middle East, according to OPEC reports.

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