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War and peace
A delicate balancing act
Upsetting the Applecart
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achieved agreed agreement American Arab barrel became become billion Britain British cause cent century coal concerned concession consumers consumption continued cost countries course created crisis crude crude oil demand developed discoveries early East economic effect energy Europe eventually example exports fact falling field finally forces fuel further going governments growing growth Gulf hand host imports increase industry interest investment Iran Iranian Iraq Khomeini King leading less limited major mbpd meeting Middle natural North nuclear offered oil companies oil industry oil market oil price oil production OPEC operations period Persian political population position possible President problem profits reached reduced refining reserves result rising Saudi Arabia seemed Shah share situation sources Standard stocks supply Third World took trade turn