Yom Kippur War, 1973
How the Yom Kippur war changed OPEC
Half a century after the 1973 conflict, the world is dramatically different. But OPEC’s power remains
October will see the 50th anniversary of the Yom Kippur War, which resulted in an Israeli victory against Egypt, Syria and other Arab forces. As well as being an important event geopolitically, the fallout from the conflict profoundly changed oil markets by giving a new lease of life to the previously inert OPEC. Everything in the oil markets changed at the end of 1973, but 50 years later, OPEC is still powerful. Since 1973, the global economic balance of power has shifted eastwards following the rise of Asian economies, particularly China and, more recently, India. The OECD countries had a 69% share of global GDP in 1973; by 2022 this was down to 39%. The Soviet Union collapsed in 1991 and
Also in this section
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
9 March 2026
Energy sanctions are becoming an increasingly prominent tool of US foreign policy, with the country’s growth in oil and gas production allowing it to impose pressure on rivals without jeopardising its own energy security or that of its allies, argues Matthew McManus, a visiting fellow at the National Center for Energy Analytics
6 March 2026
The March 2026 issue of Petroleum Economist is out now!
6 March 2026
After Europe’s rapid buildout of floating LNG import capacity, Exmar CEO Carl-Antoine Saverys says future growth in floating gas infrastructure will increasingly be driven by developing markets as lower prices, rising energy demand and the need to replace coal unlock new opportunities for unconventional and tailor-made solutions
