The Global Oil Market and the Status of the Suez Canal

Research output: Chapter in Book/Report/Conference proceedingChapterpeer-review


The Suez Canal has played a significant role in the economic history of the Middle East. It is an important source of revenue for Egypt and a conduit for the commodity that is identified more than any other with the nations of the region: oil. The most traded commodity in the world is considered a mainstay of the Suez Canal's revenue, constituting about 20% of the goods transferred through it. Despite its role as an important conduit of oil, geopolitical events, and international economic crises have undermined the Suez Canal's international status. This chapter aims to describe the reciprocal relationship between the oil market and the Suez Canal. The chapter will begin with a discussion of the impact of the Arab--Israeli conflict on global oil trade through the Suez Canal, and will follow up with an examination of the impact of economic crises and OPEC decisions on canal traffic. Finally, the chapter will suggest several factors that might damage the Suez Canal's international status in the long term.
Original languageEnglish
Title of host publicationThe Suez Canal
Subtitle of host publicationPast Lessons and Future Challenges
EditorsCarmela Lutmar, Ziv Rubinovitz
Place of PublicationCham
PublisherSpringer International Publishing
Number of pages20
ISBN (Electronic)9783031156700
ISBN (Print)9783031156694
StatePublished - 2023

Publication series

NamePalgrave Studies in Maritime Politics and Security
ISSN (Print)2730-7972
ISSN (Electronic)2730-7980


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