Which two events proved that Middle Eastern nations could threaten the world's oil supply? 1.The closing of the Suez Canal by Eg
ypt in 1956 2.The OPEC oil embargo in 1973 3.The discovery of an oil reserve in Iran in 1911 4.The founding of the first commercial oil rig in Poland in 1853 5.The discovery of an oil reserve in Iraq in 1914
Most of the world's oil reserves and supply come from the Middle East. It is estimated that about 64.5 % of the world's oil supply is from the Middle East nations, making it an important aspect of the world's crude oil supply.
If these reserves or supplies were to be stopped or banned by the OPEC nations, or any of these majority supplying nations were to stop their export, then there will be a vast 'disaster' or rather 'crisis' in the nations that depend on these supplies. So, events such as the 1956 closing of the Suez Canal by Egypt or the OPEC oil embargo of 1973 are proof that the Middle East nations could threaten the world's oil supply.
Most of the world's oil reserves and supply come from the Middle East. It is estimated that about 64.5 % of the world's oil supply is from the Middle East nations, making it an important aspect of the world's crude oil supply.
If these reserves or supplies were to be stopped or banned by the OPEC nations, or any of these majority supplying nations were to stop their export, then there will be a vast 'disaster' or rather 'crisis' in the nations that depend on these supplies. So, events such as <u>the 1956 closing of the Suez Canal by Egypt or the OPEC oil embargo of 1973 are proof that the Middle East nations could threaten the world's oil supply.
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