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WorldPosted at: Oct 22 2018 9:32PM


In no mood of repeating 1973 oil crisis, reassures Saudi Energy Min

Riyadh, Oct 22 (UNI) Saudi Arabia Minister of Energy, Industry and Mineral Resources-Khalid Al-Falih said on Monday that Saudi Arabia is in no mood of repeating the 1973 oil embargo, over its tiff with the West on the disappearance of journalist Jamal Khashoggi.
Often termed as the ‘First Oil Shock’, the 1973 oil crisis was targeted at nations perceived as supporting Israel during the Yom Kippur War, also known as the ‘October War’. The initial nations targeted were Canada, Japan, Netherlands, the United Kingdom and the United States, which got later extended to Portugal, Rhodesia and South Africa.
By the end of the oil embargo in early 1974, the price of oil had risen from USD 33 per barrel to nearly USD 12 per barrel, globally.
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