How does the current global oil crisis compare with the 1973 oil embargo?
Al Jazeera
The 1973 oil embargo removed 4.5 million barrels per day from global supply. Today, the closure of the Strait of Hormuz is stopping 20 million.
The United States-Israeli war on Iran has caused the biggest oil disruption in history, according to the International Energy Agency (IEA). The agency was founded in 1974 as a direct response to the 1973 oil embargo, which saw Arab nations, led by Saudi Arabia, cut production in response to Washington’s support for Israel during its war with Egypt and Syria that year.
In 1973, embargoed countries faced a combined shortage of 4.5 million barrels of oil per day, about 7 percent of the global supply at the time.
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