On This Day in Oil & Gas: March 8th - Suez Canal Conflict

March 8th 1957 – After a short but bloody conflict followed by fractious international negotiations, the government of Gamal Adbel Nasser reopened the Suez Canal for the first time in five months.

Completed in 1869 to join the Mediterranean to the Red Sea, closure of the Suez Canal added an estimated 6,000 miles of transit for vessels around the continent of Africa. To put the importance of this waterway into perspective, 176 million tonnes of oil and LNG products passed through the canal in 2012 alone. In 1957, the population of the world stood at 2.87 billion and a barrel of oil topped out at $1.90 per barrel. In 2013, the world’s population was 7.13 billion and this morning Brent Crude was worth $111.15 per barrel.

You don’t need to be a mathematician to see that "The Suez Crisis: Part II" would be the worst sequel of all time…

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