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The Suez Crisis - Atahan Tümer

The Suez Crisis, which emerged with a ship's accident, has become an important agenda item worldwide. This event, which occurred unexpectedly and turned into a global crisis, tells us many things. Examining this crisis, whose effects are immediately observable, reveals the sensitivity of global economies. The fact that a ship thousands of kilometers away had a minor accident on the bank of a canal and the whole world was affected by it tells us a lot about the era we live in. It may be a good movie subject that an accident that occurred by a single ship at a critical point affects the life of someone on the other side of the world who is not aware of this event. This event, which is an excellent example of the butterfly effect, reveals how sensitive our lives' constant variables are. It will be very beneficial for us to examine this event, which affected quite different sectors such as electronics, food and energy industries, etc.

The Suez Canal is one of the most critical routes globally, shortening the road between Europe and Asia. The channel, which plays a role in the sustainability of a significant part of the world trade, plays a vital role for Europe and Asia. According to the Suez Canal Authority, the canal provided access to nearly 20000 ships in the last year. Considering this information importance of the canal can be better understood.

The experienced crisis stopped production in some sectors in many countries. When parts imported from Asia did not arrive, many sectors experienced a shortage of raw materials and components and either reduced or stopped production. This caused considerable damage to the world economy. However, regional damage is much higher.

Egypt is making quite a lot of money from this channel. This channel, which has made billions of dollars to its economy, plays a vital role in the Egyptian economy. That is why Egypt suffered perhaps the most from this crisis. The Suez Canal, whose income has already decreased in recent years, is an essential income source for Egypt. Considering that a significant part of the world trade passes through here, we can better understand such a channel's importance for the regional economy. While currently considering alternatives to the Suez Canal, the possibility of such events playing an inhibitory role in the realization of these alternative projects should be taken into consideration. The oil pipeline, which is currently being seriously discussed and considered between the Gulf countries and Israel, may decrease the importance of Suez. This project can also cause significant damage to the Egyptian economy. If this project, which aims to deliver the Gulf countries' oil directly to Israeli ports, may decrease the importance of the Suez Canal for the energy sector. Egyptian officials also think so.

The White House has also offered help for this crisis. They also stated that they anticipate that this crisis will have an impact on the energy market. That was the reason why they offered help. This announcement also affected the markets. Many manufacturers also had problems in the short term. The amount of damage could have increased if the issue had not been solved.

Syria also experienced an oil crisis because of this incident. So much so that the oil shipment disruption caused urgent measures to be taken in the country. The distribution of the oil has been shifted in order of priority, and critical sectors are prioritized. For example, bakeries and hospitals were prioritized.

The crisis also brought attention to the North. According to Russian officials, this crisis demonstrated the importance of the North Sea Route. This route, which emerged as an important alternative with the melting of glaciers in the North, seems to have a high volume in the coming years. This route, which is currently used for Russia's energy resources to Europe, apparently will attract attention from Asia in the coming years.

In the era of globalism we live in, we have seen how an event at any point in the world affects people on the other side of the world. This event suddenly became the main agenda item of everyone in the world, closely related to all of us. It has also had a significant impact on the energy markets. Delays in energy shipments caused a fluctuation in oil prices. This crisis has shown us how sensitive production is in the age of consumption we live in. This crisis is likely to accelerate many projects. It should not be difficult to predict that alternative projects and routes currently planned to replace the Suez Canal will attract attention.


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