The immediate aftermath of the 1973/74 oil embargo in which Saudi Arabia led its OPEC brothers to block oil exports to the U.S., the U.K., Japan, Canada, and the Netherlands - causing oil prices to spike from around US$3 per barrel (pb) to nearly US$11 pb and stoking the fire of a global economic slowdown in the West – was that geopolitical relations between the two sides would never be the same again.
The architect of this watershed moment in the history of the global oil sector, Saudi Arabia’s then-Minister of Oil and Mineral Reserves,…U.S. Accelerates Three-Tier Plan To Reduce Oil Prices
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