The move was triggered by the start of the oil crisis of October 1973, when OPEC fuel producers started an embargo to the United States in response to President Richard Nixon’s request to send $ ...

The 1973 oil crisis began when Arab producers led by Saudi Arabia slapped an oil embargo on Western supporters ... output to 12 million bpd and its Gulf OPEC ally, the United Arab Emirates ...

Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, drew a striking historical parallel during a virtual OPEC+ meeting, referencing the 1973 oil embargo as the group ratified its second ...

Bloomberg reported that Saudi Oil Minister Prince Abdulaziz bin Salman during the meeting invoked the 1973 oil embargo imposed by OPEC that drove oil prices soaring.

The group agreed to raise output in June, a sign that Saudi Arabia and its allies appear to be weary of cutting output and ...