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BREAKING: The world is currently experiencing the largest oil supply shock in history, losing nearly 20 million barrels of oil per day.
The biggest oil supply shocks:
1. Closure of the Strait of Hormuz (CURRENT): -20 million barrels/day
2. Iran Revolution (1978): -5.5 million barrels/day
3. Yom Kippur War (1973): -4.5 million barrels/day
4. Iraq-Kuwait War (1990): -4.3 million barrels/day
5. Iran-Iraq War (1980): -4.0 million barrels/day
6. Russia-Ukraine War (2022): -2.0 million barrels/day
The current supply shock is approximately equal in scale to the combined total of products 2-6.