New hotel platform on line First NGL to Teesside

15. September 201710. September 2019 by trude

The second major oil crisis

by the Norwegian Petroleum Museum

A global oil crisis struck as a result of the Iranian revolution, when the pro-US Shah was overthrown by Muslim cleric Ayatollah Khomeini. The latter became Iran’s leader on 11 February 1979.

One consequence was large-scale hoarding of oil, and the outbreak of war between Iran and Iraq in 1980 extended the crisis. Crude prices trebled and Norway, as a petroleum exporter, benefitted greatly.

New hotel platform on line First NGL to Teesside

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Published 15. September 2017 • Updated 10. September 2019

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