Map of Wilhelmsburg for The second oil shock occurred in 1979, when the Iranian Revolution caused a drastic reduction in oil exports from Iran. Iran reacted to an American embargo on Iranian oil by prohibiting the exportation of Iranian oil to American firms. The war between Iran and Iraq in 1980 made the situation worse. The effect of the second oil shock was short-lived, however, as non-OPEC countries significantly increased production.
There was an increase in oil price in the early 1990s (the third mini-shock) when Iraq attempted to annex Kuwait.
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Map Of Wilhelmsburg
The sudden decrease of the oil exported from Iraq and Kuwait caused the oil price to spike. Increased production by Saudi Arabia moderated the situation.
Map of Wilhelmsburg 2016.