Fears of Russia oil blockade
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U.S. and British bans on Russian oil imports – and pressure on Europe to follow suit – could trigger a supply shock equivalent to the 1979 oil crisis, which led to a severe global recession
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Crude oil price (US$ per barrel)

150 100 50 0

1972 1980 1990 2000 2010 2020

$00 Price in 2022 (U.S. Bureau of Labor Consumer Price Index)

1973-74: Arab states impose export embargo.

2008: All-time high of $145 ahead of financial crisis

1990: Iraq invades Kuwait. United Nations imposes embargo on oil exports from Iraq. Price hits $40

2014: Prices crash during oil glut

Mar 7, 2022: $139

Price rises to $12

$76

1978-80: Iranian revolution hits output. Price reaches $34

$146

$189
  
$86
                                                            
Mar 10: $116.38

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Russian crude oil imports (thousand barrels per day, Nov 2021) 

Germany 835
Netherlands 784
U.S. 626
Europe 4,492
Poland 509
France 233
South Korea 313
Belgium  278
Turkey 258
Italy 204
Greece 200
Finland 246
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Sources: International Energy Agency, Financial Times, Bloomberg © GRAPHIC NEWS