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
20 February 2026
The country is pushing to increase production and expand key projects despite challenges including OPEC+ discipline and the limitations of its export infrastructure
20 February 2026
Europe has transformed into a global LNG demand powerhouse over the last few years, with the fuel continuing to play a key role in safeguarding the continent’s energy security, Carsten Poppinga, chief commercial officer at Uniper, tells Petroleum Economist
20 February 2026
Sempra Infrastructure’s vice president for marketing and commercial development, Carlos de la Vega, outlines progress across the company’s US Gulf Coast and Mexico Pacific Coast LNG portfolio, including construction at Port Arthur LNG, continued strong performance at Cameron LNG and development of ECA LNG
19 February 2026
US LNG exporter Cheniere Energy has grown its business rapidly since exporting its first cargo a decade ago. But Chief Commercial Officer Anatol Feygin tells Petroleum Economist that, as in the past, the company’s future expansion plans are anchored by high levels of contracted offtake, supporting predictable returns on investment
