OPEC decisions

Comparing the Current Oil Supply Shock to the 1973 Embargo

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protest against Western support for Israel, Arab oil producers significantly reduced their oil exports, leading to widespread fuel shortages and economic turmoil in many countries.

This increase is reminiscent of the 1973 oil embargo, when Arab oil producers cut supplies in response to Western support for Israel during the Yom Kippur War, as detailed in U.S. Gas Prices Increase for 11 Consecutive Days as Oil Prices Rise. Key players in the current scenario include OPEC+, which comprises OPEC members and … Read more

Is the UK government prepared for rising oil prices

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Government officials gather around a conference table, discussing strategies to address the rising oil prices and their potential impact on the UK economy.

The UK government has been monitoring the situation closely, recognizing the potential impact on inflation and household energy costs. In recent weeks, officials have held discussions on strategies to mitigate the effects of rising oil prices, including potential support for vulnerable households and businesses. The Chancellor of the Exchequer has indicated that measures may be … Read more