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OAPEC petroleum embargo
than the global average. After it was implemented, the embargo caused an oil crisis, or "shock", with many short- and long-term effects on the global economy
1973_oil_crisis
Topics referred to by the same term
Oil crisis or oil shock may refer to: Abadan Crisis ("Iran Oil Crisis") of 1951–1954, nationalization, coup, and de-nationalisation in Iran 1970s energy
Oil_crisis
Worldwide increase in crude oil prices following the Iranian Revolution
The 1979 oil crisis, sometimes referred to as the second oil crisis (in reference to the 1973 oil crisis), refers to the drop in oil production in the
1979_oil_crisis
passengers. 1970–1979 world oil market chronology 1970s energy crisis 1973 oil crisis 1979 oil crisis 1980s oil glut 2000s energy crisis Economic impact of the
2026_Iran_war_fuel_crisis
Global oil shortage due to geopolitics
oil crisis and the 1979 oil crisis, when, respectively, the Yom Kippur War and the Iranian Revolution triggered interruptions in Middle Eastern oil exports
1970s_energy_crisis
Ongoing oil shortage and economic crisis
Havana, exacerbating the energy crisis further since the executive order of Trump on 29 January, which imposed an oil blockade. A large plume of smoke
2026 United States fuel blockade on Cuba
2026_United_States_fuel_blockade_on_Cuba
Worldwide crisis affected by shortage of energy supplies
An energy crisis from 2021 to 2023 began in the aftermath of the COVID-19 pandemic, resulting in shortages and increased prices in oil, gas and electricity
2020s_energy_crisis
Sixfold rise in oil prices, peaking in 2008
energy crisis. World crude oil demand grew an average of 1.76% per year from 1994 to 2006, with a high of 3.4% in 2003–2004. World demand for oil is projected
2000s_energy_crisis
Low availability of energy resources
dwindling oil reserves, concerns over peak oil, and oil price speculation – triggered the 2000s energy crisis, which saw the price of oil reach an all-time
Energy_crisis
Spot price of a barrel of benchmark crude oil
1973 oil crisis, the Iranian Revolution in the 1979 oil crisis, the 2008 financial crisis, and the 2010s oil glut that led to the "largest oil price
Price_of_oil
Oversupply of oil in the 2010s
during the 2000s oil crisis, mostly in Alberta in the form of the Athabasca oil sands, though a transportation and logistics crisis in Alberta has slowed
2010s_oil_glut
Topics referred to by the same term
oil crisis may refer to: 2000s energy crisis 1973 oil crisis World War II This disambiguation page lists articles associated with the title World oil
World_oil_crisis
Significant surplus of crude oil
The 1980s oil glut was a significant surplus of crude oil caused by falling demand following the 1970s energy crisis. The world price of oil had peaked
1980s_oil_glut
In response to the Iraqi invasion of Kuwait
in prices until 1994. energy portal Energy crisis Hamilton, J. (2009). "Causes and consequences of the oil shock of 2007–2008" (PDF). Brookings Institution
1990_oil_price_shock
Situation of prolonged doubt in the strength of Britain's currency
deficit, a public-spending deficit, and the 1973 oil crisis were contributors. The origins of the crisis have been attributed to the 1972 Conservative "dash
1976_sterling_crisis
The 1991 Indian economic crisis was a balance-of-payments crisis in which India's foreign-exchange reserves fell to a level barely sufficient to pay three
1991_Indian_economic_crisis
Naturally occurring combustible liquid
oil crisis, which was caused by a drop in oil production in the wake of the Iranian Revolution and caused oil prices to more than double. The two oil
Petroleum
Point in time when the maximum rate of petroleum extraction is reached
since the 2008 financial crisis. Additionally, but to a lesser extent, Canadian oil-sands production has helped increase oil supply since 2008. In the
Peak_oil
Largest publicly traded companies
Big Oil is a colloquial grouping of the world's six or seven largest publicly traded and investor-owned oil and gas companies, also known as supermajors
Big_Oil
Fuel shortage in the Philippines due to the 2026 Iran war
an oil crisis. Her remarks were echoed by Energy Secretary Sharon Garin. The same day, President Bongbong Marcos ordered the creation of a crisis committee
2026_Philippine_energy_crisis
International petroleum organization
control over oil production decisions and amid high oil prices, OPEC members unilaterally raised oil prices in 1973, prompting the 1973 oil crisis. In October
OPEC
Oil crisis in Iran from 1951 to 1954
The Abadan Crisis (Persian: بحران نفتی ایران, romanized: Bohrân-e Nafti-ye Irân, lit. 'Iran Oil Crisis') occurred from 1951 to 1954, after Iran nationalized
Abadan_Crisis
Worldwide economic crisis
Farhi, and Gourinchas argued "that the sharp rise in oil prices following the subprime crisis – nearly 100 percent in just a matter of months and on
2008_financial_crisis
Regional financial crisis that struck East and Southeast Asia in 1997–1998
1997 Asian financial crisis The 1997 Asian financial crisis gripped much of East and Southeast Asia during the late 1990s. The crisis began in Thailand in
1997_Asian_financial_crisis
supply disruption in the history of the global oil market". The conflict has echoed the 1970s energy crisis through acute supply shortages, currency volatility
Economic impact of the 2026 Iran war
Economic_impact_of_the_2026_Iran_war
Topics referred to by the same term
Fuel crisis may refer to: 1947 fuel crisis, in the United Kingdom 1973 oil crisis 1979 oil crisis 2012 United Kingdom fuel crisis 2012 fuel crisis in the
Fuel_crisis
Ongoing military conflict
energy supply crisis by discouraging foreign investment in new power generation plants in the region. From 2004 on, violence also hit the oil industry with
Conflict_in_the_Niger_Delta
Index of articles associated with the same name
international oil embargoes include: Oil embargo (Sino-Japanese War), 1941–1945 Embargo against Francoist Spain, 1944 1967 Oil Embargo 1973 oil crisis 1979 oil crisis
Oil_embargo
List of major oil crises
The term oil crisis (or oil shock) refers to periods of sudden disruption in oil supply or sharp increases in oil prices that significantly affect the
List_of_oil_crises
Fuel crisis primarily caused by attacks
production of refined products across the Russian oil industry, leading to a fuel crisis in the country. The crisis escalated in the middle of 2026, with Russian-controlled
2025–2026_Russian_fuel_crisis
Long period of worldwide economic growth following World War II
trade in manufactured goods, such as automobiles and electronics the 1973 oil crisis, the 1973–74 stock market crash, and the ensuing 1973–75 recession While
Post–World War II economic expansion
Post–World_War_II_economic_expansion
Situation in which financial assets suddenly lose a large part of their nominal value
Great Depression. 1973: 1973 oil crisis – oil prices soared, causing the 1973–1974 stock market crash. Secondary banking crisis of 1973–1975: United Kingdom
Financial_crisis
Oil price pre-1980
posted price of oil was the price at which oil companies offered to purchase oil from oil-producing governments. This price was set by the oil companies and
Posted_oil_price
Large inflow of income from high production or prices of oil
oil boom in Gabon, the country showed symptoms of the Dutch disease, while oil-producing Equatorial Guinea did not. Energy crisis 1970s energy crisis
Oil_boom
companies only involved in refining and marketing. Energy portal List of largest oil and gas companies by revenue List of oilfield service companies
List of oil exploration and production companies
List_of_oil_exploration_and_production_companies
2007 mortgage crisis in the United States
years leading up to the crisis, the U.S. received large amounts of foreign money from fast-growing economies in Asia and oil-producing/exporting countries
Subprime_mortgage_crisis
Decade of the Gregorian calendar
economic recession due to an oil crisis caused by oil embargoes by the Organization of Arab Petroleum Exporting Countries. The crisis saw the first instance
1970s
US strategic petroleum reserve
the remaining oil from leaking into the aquifer that is located over the salt dome. The SPR was created following the 1973 energy crisis. On November 18
Strategic Petroleum Reserve (United States)
Strategic_Petroleum_Reserve_(United_States)
International recession in 1890
The Baring crisis or the Panic of 1890 was an acute recession in the United States. Although less serious than other panics of the era, it is the 19th
Baring_crisis
Proven oil reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with a high degree of confidence
List of countries by proven oil reserves
List_of_countries_by_proven_oil_reserves
service companies may produce, maintain, and repair equipment used in oil extraction and oil transportation. In 2019, the global oilfield services market was
List of oilfield service companies
List_of_oilfield_service_companies
Type of financial crisis
A currency crisis is a type of financial crisis, and is often associated with a real economic crisis. A currency crisis raises the probability of a banking
Currency_crisis
Era in history
Venezuelan oil industry Fuels Fossil fuel, Unconventional oil, Oil sands, Oil shale reserves Gluts and crisis Price of petroleum, 1980s oil glut, 1980–1989
Age_of_Oil
Mid-1998 economic crisis in Russia
shocks, the Asian financial crisis that had begun in 1997 and the following declines in demand for (and thus price of) crude oil and nonferrous metals, severely
1998_Russian_financial_crisis
High inflation, low economic growth, and high unemployment
shocks, such as the closure of the Suez Canal (1967–1975) and the 1973 oil crisis, which disrupted supply chains and led to rising prices and slowing growth
Stagflation
Informal nickname given to the pricing index of crude oil
restricting all trade of oil. Following the events of this first oil crisis, Japan became more aware to their vulnerability to external oil prices and began focusing
Japan_Crude_Cocktail
Products ultimately derived from crude oil
Petroleum products are materials derived from crude oil (petroleum) as it is processed in oil refineries. Unlike petrochemicals, which are a collection
Petroleum_product
1980 business simulation video game
Windfall: The Oil Crisis Game is a real-time business simulation game written by David Mullich and published by Edu-Ware in 1980 for the Apple II. Based
Windfall:_The_Oil_Crisis_Game
Financial crisis leading to economic depression in Europe and North America
The Panic of 1873 was a financial crisis that triggered an economic depression in Europe and North America that lasted from 1873 to 1877, continuing until
Panic_of_1873
Oil reserves located in Venezuela
The proven oil reserves in Venezuela are recognized as the largest in the world, totaling 300 billion barrels (4.8×1010 m3) as of 1 January 2014, though
Oil_reserves_in_Venezuela
Idea of eliminating the need for the United States to import foreign sources of energy
disruptions like the 1973 oil crisis and the 1979 energy crisis. Proponents argue that the potential for political unrest in major oil suppliers, such as Saudi
United States energy independence
United_States_energy_independence
Type of petroleum
called sour crude oil. Sweet crude oil contains small amounts of hydrogen sulfide and carbon dioxide. High-quality, low-sulfur crude oil is commonly used
Sweet_crude_oil
Oil and bitumen deposits in Alberta, Canada
However, the price of oil subsided afterwards and although the 1979 energy crisis caused oil prices to peak again, during the 1980s, oil prices declined to
Athabasca_oil_sands
Period of economic stagnation in the Western world
high inflation existed simultaneously. Among the causes were the 1973 oil crisis, the deficits of the Vietnam War, and the fall of the Bretton Woods system
1973–1975_recession
Government-controlled distribution of scarce goods in the US
last of the restrictions ending in June 1946. In the wake of the 1973 Oil Crisis, gas stations across the country enacted different rationing policies
Rationing in the United States
Rationing_in_the_United_States
1973 oil crisis 1979 oil crisis 1980s oil glut 1990 oil price shock 2000s energy crisis 2010s oil glut 2020 oil price war List of countries by oil extraction
History of the petroleum industry
History_of_the_petroleum_industry
Mass withdrawal of money from banks
crisis of the 1980s and 1990s. The 2008 financial crisis was centered around market-liquidity failures that were comparable to a bank run. The crisis
Bank_run
US financial crisis from 1986 to 1995
The savings and loan crisis of the 1980s and 1990s (commonly dubbed the S&L crisis) was the failure of approximately a third of the savings and loan associations
Savings_and_loan_crisis
2007–2009 international economic decline
like TVs and selling us oil. China, India, Abu Dhabi, Saudi Arabia made a lot of money and banked it." Describing the crisis in Europe, Paul Krugman wrote
Great_Recession
The Sri Lankan economic crisis was an economic crisis in Sri Lanka that began in 2019 and ended in 2024. President Ranil Wickremasinghe is credited to
Sri Lankan economic crisis (2019–2024)
Sri_Lankan_economic_crisis_(2019–2024)
Financial crisis during the 1970s and 1980s
American debt crisis (Spanish: Crisis de la deuda latinoamericana; Portuguese: Crise da dívida latino-americana) was a financial crisis that originated
Latin_American_debt_crisis
Removal of petroleum from the earth
is mostly recovered from oil drilling. Seismic surveys and other methods are used to locate oil reservoirs. Oil rigs and oil platforms are used to drill
Extraction_of_petroleum
Classification of crude oil that serves as a major worldwide benchmark price
petroleum—sweet crude oil and light crude oil—first extracted from the Brent oilfield in the North Sea in 1976. The term Brent Crude also identifies the oil-well Brent
Brent_Crude
Term used for any conflict about petroleum resources
politics Resource curse Resource war Booty futures contract 1973 oil crisis 1990 oil price shock Iran–Saudi Arabia proxy war Territorial disputes in the
Oil_war
Saudi Arabian state-owned petroleum and oil-trade company
officially the Saudi Arabian Oil Company, is a majority state-owned petroleum and natural gas company, and the national oil company of Saudi Arabia. As
Saudi_Aramco
1992 UK financial crisis
Black Wednesday, or the 1992 sterling crisis, was a financial crisis that occurred on 16 September 1992 when the UK Government was forced to withdraw pound
Black_Wednesday
British financial crisis
prices and increases in interest rates well before the November 1973 oil crisis left the smaller institutions holding many loans secured by property with
Secondary banking crisis of 1973–1975
Secondary_banking_crisis_of_1973–1975
Major stock market crash in the United States
market's slide. Mitchell's move brought a temporary halt to the financial crisis, and call money declined from 20 to 8 percent. However, the American economy
Wall_Street_crash_of_1929
Period of rapid economic growth in Japan from the 1950s to 1970s
the country recovered to pre-war levels, and to the onset of the 1973 oil crisis. Before the war, Japan had achieved industrialisation from the second
Japanese_economic_miracle
Organic-rich fine-grained sedimentary rock containing kerogen
the availability of cheaper petroleum. Following the 1973 oil crisis, world production of oil shale reached a peak of 46 million tonnes in 1980 before
Oil_shale
Iran under the Pahlavi dynasty from 1925 to 1979
Mosaddegh and the nationalization of the Iranian oil industry culminated in a constitutional crisis that forced the Shah into temporary exile in 1953
Pahlavi_Iran
predecessor, Richard Nixon, along with soaring inflation caused by the 1973 oil crisis, created a tough environment for the Republican Party. Democrats won net
1974_United_States_elections
Type of motorcycle
(up to 120 mpg). These mopeds gained wide acceptance during the 1973 oil crisis and are still widely available for aftermarkets, and mint examples are
Puch_Maxi
Off-road race on Mexico's Baja California Peninsula
year where motorsport was curtailed in the United States because of the oil crisis). SCORE hired Sal Fish as president and took control of the Baja 1000
Baja_1000
Japanese shipping company
later the second oil crisis occurred and MOL was able to get a stable bunker supply. Personnel expenses increased after the first oil crisis, and the yen
Mitsui_O.S.K._Lines
Global stock market crash
international money markets, but doubts about the viability of the accord created a crisis of confidence. The fall may have been accelerated by portfolio insurance
Black_Monday_(1987)
Situation in which a government cannot pay back its debt
A debt crisis is a situation in which a government (nation, state/province, county, or city etc.) loses the ability of paying back its governmental debt
Debt_crisis
silence or lies. Italy suffered much from the 1973 oil crisis due to its dependency on imported oil. An attempt to change this potentially dangerous situation
Nuclear_power_in_Italy
economic crisis Recession of 1958 Recession of 1960–1961 1965–1966 Indian economic crisis Recession of 1969–1970 1970s energy crisis OPEC oil price shock
List_of_economic_crises
1970s recession in the global steel market
expansion and was exacerbated by the 1973 and 1979 oil crises, persisting well into the 1980s. The steel crisis had a significant impact on several industrial
Steel_crisis
Finance property of an asset
mortgage crisis are examples of illiquid assets, as their value was not readily determinable despite being secured by real property. Before the crisis, they
Market_liquidity
1893–97 financial crisis in the United States
25%, and poverty became widespread. Causes of the panic include: Baring crisis—Heavy investment in Argentina by Barings Bank, followed by the 1890 wheat
Panic_of_1893
Autonomous intergovernmental organisation
aftermath of the 1973 oil crisis to respond to physical disruptions in global oil supplies, provide data and statistics about the global oil market and energy
International_Energy_Agency
Period in American automotive history
dependence on inexpensive foreign oil and spiking international fuel prices, culminating with the 1973 oil crisis. In response, the U.S. federal government
Malaise_era
European selloff of American securities following the outbreak of WWI
The financial crisis of 1914 was a financial crisis resulting from the sell-off of about $3 billion (equivalent to $96 billion in 2025) of foreign portfolio
Financial_crisis_of_1914
Saudi Arabian politician (1930–2021)
remain committed to the reduction of oil prices. The panic buying during the 1979 energy crisis led to increased oil stocks which began to flood the market
Ahmed_Zaki_Yamani
Motor vehicle
bankruptcy had a number of causes, perhaps the largest being the 1973 oil crisis, which significantly reduced demand for cars with large displacement engines
Iso_Grifo
Hydrocarbons from the North Sea
the 1973 oil crisis caused the world oil price to quadruple, followed by the 1979 oil crisis, which caused another tripling in the oil price. Oil production
North_Sea_oil
doi:10.1093/oxfordjournals.oep.a040794. Merrill, Karen R. (2007). The Oil Crisis of 1973–1974: A Brief History with Documents. Bedford/St. Martin's.
List of recessions in the United States
List_of_recessions_in_the_United_States
Geopolitical and economic crisis
in oil prices occurred in March 2026. The closure of the strait became the largest disruption to world energy supply since the 1970s energy crisis as
2026_Strait_of_Hormuz_crisis
Roman government crisis (235–285)
The Crisis of the Third Century, also known as the Military Anarchy or the Imperial Crisis, was a period in Roman history during which the Roman Empire
Crisis_of_the_Third_Century
Crude oil with sulfur impurities
Sour crude oil is crude oil containing more than 0.5% sulfur impurities (by weight). The impurities need to be removed before this lower-quality crude
Sour_crude_oil
Canadian oil company
1979 oil crisis. Despite the issues caused by the crisis having long been resolved, the tax exemption has never been removed, saving Irving Oil from having
Irving_Oil
motto "Unity, Freedom, Socialism". After coming to power, with the 1973 oil crisis and consequential rise of the Libyan economy, the RCC government initiated
History of Libya under Muammar Gaddafi
History_of_Libya_under_Muammar_Gaddafi
discovery of oil has also reignited the border dispute with Venezuela which claims most of Guyana's territory (Essequibo region), leading to a crisis in 2023
Petroleum_industry_in_Guyana
Economic downturn in Germany
Russian oil accounted for 17 percent of total imports in OECD Americas (625 kb/d). On 8 March 2022, US President Joe Biden announced a ban on oil from Russia
German economic crisis (2022–present)
German_economic_crisis_(2022–present)
in oil consumption. After the oil crisis of 1973, the price of oil increased again between 1979 and 1980 due to the Iranian revolution. This crisis was
Petroleum in the United States
Petroleum_in_the_United_States
Financial and economic crisis in the Roman Empire
interest in the 33 AD crisis increased in the aftermath of multiple modern crises, including the Great Depression, the 1973 oil crisis, the 1987 Black Monday
Financial_crisis_of_33
Financial situation where credit/loans become less available/obtainable
A credit crunch (a credit squeeze, credit tightening or credit crisis) is a sudden reduction in the general availability of loans (or credit) or a sudden
Credit_crunch
Extraction and sale of petroleum products
Chronology of world oil market events (1970–2005) Energy crisis: 1973 oil crisis, 1979 energy crisis Energy development Petroleum politics World oil market chronology
Petroleum_industry
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