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