The first oil crisis (1973 to 1974).

1973 5438+00 The fourth Middle East war broke out in June, and the member countries of the Organization of Petroleum Exporting Countries * * announced that they would withdraw the pricing power of crude oil in February of that year, and raised their benchmark crude oil price from 3.0 1 1 USD, which triggered the first time.

In this crisis, the industrial production in the United States has dropped by 14%, while that in Japan has dropped by more than 20%, and the economies of all industrialized countries have obviously slowed down.

The second oil crisis (1979 to 1980).

At the end of 1978, the political situation of Iran, the world's second largest oil exporter, changed dramatically, and its oil output was affected, from 5.8 million barrels per day to below/kloc-0.0 million barrels, which broke the fragile balance between supply and demand in the global crude oil market at that time.

The oil price soared from 1979 to $34 per barrel from 13, which led to the emergence of the second oil crisis and became a major cause of the comprehensive economic recession in the west in the late 1970s.

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