Latest Breaking News On - Oscar sabetta getty - Page 1 : comparemela.com

© Oscar Sabetta/Getty Images The Arab oil embargo on exports to the West which followed the 1973 Yom Kippur War, made oil exporters realise the enormous economic power that they wielded.  The Organisation of Petroleum Exporting Countries (Opec), dominated by the Middle Eastern producers, became a cartel which quadrupled the price of oil, exacerbating inflationary pressures in the West and leading to an economic downturn.  More worrying still was the longer-term prognosis. We’re no longer worried about running out of oil During the oil crises of the 1970s, proven oil reserves were enough to last only 25 years, while demand was rising inexorably. With Opec in control of supply, the price could only spiral higher, pulling up the price of coal, on which the UK depended for 70% of its electricity generation, in its wake. 

United kingdomSaudi arabiaSouth koreaNorth seaOceans generalOscar sabetta gettySheikh yamaniBloomberg new energyOrganisation of petroleum exporting countries opecKippur warPetroleum exporting countriesMiddle easternNew energy financeஒன்றுபட்டது கிஂக்டம்சவுதி அரேபியாதெற்கு கொரியா