Author: Yoshikazu Kobayashi, IEEJ, Tokyo

The world oil market is experiencing another once-in-a-decade oil supply crisis in the Middle East and North Africa.

Such crises have been a chronic phenomenon in the market since the 1970s, starting with the two oil crises in the 1970s, the Gulf War in 1991 and the Iraqi War in 2003, although the volume disrupted has actually varied on each occasion. Read more…