| Past oil supply disruptions exceed current global excess production capacity. | ||
| Event | Time Period | Gross Peak Supply Loss (mb/d) |
|---|---|---|
| Suez Crisis | Nov 1956 - Mar 1957 | 2 |
| Six-Day War | Jun 1967 - Aug 1967 | 2 |
| Arab-Israeli War | Oct 1973 - Mar 1974 | 4.3 |
| Iranian Revolution | Nov 1978 - Apr 1979 | 5.6 |
| Iran-Iraq War | Oct 1980 - Jan 1981 | 4.1 |
| Gulf Crisis | Aug 1990 - Jan 1991 | 4.3 |
| Iraqi oil export suspension | Jun 2001 - Jul 2001 | 2.1 |
| Venezuelan Strike | Dec 2002 - Mar 2003 | 2.6 |
| War in Iraq | Mar 2003 - Dec 2003 | 2.3 |
| Current Estimated Excess Capacity | 2006 | 1.1 |
Note: Magnitude of supply shortfall is the peak gross supply loss excluding supply increases of other oil producing countries. Source: International Energy Agency. |