Saudi oil minister Sheik Ahmed Zaki Yamani at a press conference in 1973
From the Archives: October revolution
The Arab oil embargo of 1973 was a turning point for the global oil and gas industry. As part of our 90th anniversary series, we republish how Petroleum Economist covered this critical story
The tragic renewal of hostilities in the Middle East has brought extremely serious consequences for oil consumers the world over. The Arab governments implemented their threat to use oil as a political weapon and have started cutting production. Abandoning all pretence at negotiation with oil companies, they have torn up the five-year Teheran and Tripoli agreements and have imposed unprecedented increases in oil prices and taxes. They thus ensure that lower exports will bring greater revenues than ever before. The importing countries now know that they effectively face a cartel of exporters which has the power to restrict supplies of the world’s most important source of energy and to hold t
Also in this section
17 January 2025
Supply glut or supply deficit are both plausible outlooks, with tariffs and sanctions among the key risks that could swing the pendulum
17 January 2025
European Commission is on its way to meeting clean energy goals, but energy security concerns and higher costs may give it second thoughts
17 January 2025
The CEO of QatarEnergy has highlighted the potential impact a new EU directive could have on energy exports to the continent
16 January 2025
The government’s resource nationalism is aggravating the NOC’s debt position and could yet worsen if also tasked with the decarbonisation shift
