The first oil crisis

This conflict broke out on 6 October 1973 when Egypt and Syria attacked Israel. After the latter received US backing, the Arab nations responded with an oil boycott of the Americans and other countries supporting the Israelis.

The subsequent supply shortage caused oil prices to quadruple within three months. With buyers seeking to reduce their dependence on the Middle East, the North Sea became even more attractive ­– despite relatively high development and production costs.