This crisis was not seen in terms of any real shortage of oil in the -near term, although an end to conventional oil could be seen on the horizon. The OPEC production rate has slipped from 31 million barrels a day shortly before the 1973 oil embargo, to a current rate of less than 20 million barrels a day.
This crisis was not seen in terms of any real shortage of oil in the -near term, although an end to conventional oil could be seen on the horizon. The...
