🔺Comparison of the scale of oil shocks over the past five decades ▪Reuters has examined oil shocks from the 1970s to the present and says that although the daily decline in oil production has never reached the level of the past few months, the cumulative decline in production at the time of the Islamic Revolution and during the eight-year war was greater than in the past months. ▪Based on estimates by the International Energy Agency, the peak daily decline in global supply this year was 14 million barrels; during the Yom Kippur War it was about 4.5 million barrels; during the Islamic Revolution in Iran it was 5.6 million barrels; and during the Iran–Iraq War it was 4.3 million barrels. ▪According to Reuters calculations, over the past four months a total of 1.5 billion barrels of oil have been removed from production and supply to global markets.