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INTERNATIONAL PETROLEUM AGREEMENTS—2: Embargo of '73 launched era of mutual adjustment

09/14/2009
By Claude Duval, Honore Le Leuch, Andre Pertuzio, and Jaqueline Lang Weaver
In the low-price environment of the 1980s and 1990s, many host countries adopted policies to promote E&P investments in their territories by offering more-attractive terms and conditions to foreign investors. In October 1973, key Middle Eastern nations imposed an oil embargo against the US and other Western nations. Oil prices rose from less than $3/bbl in 1973 to $10/bbl in 1975 and then to $13/bbl in 1978 (in dollars unadjusted for inflation). The Iranian revolution of 1979, followed by the commencement in 1980 of the 8-year Iraqi-Iranian war, increased the bargaining strength of other oil-exporting nations, especially those in the Organization of Petroleum Exporting Countries....
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