The Arab oil embargo was the world’s first oil crisis. The foreign multinationals were not happy, but the first oil crisis allowed the government to control Malaysia’s energy destiny. What now, 53 years after the first oil crisis? After all, sticking to crude oil is much cheaper than developing expensive alternatives was the main argument. Bottom lineFifty-three years after the first oil crisis, the central lesson remains half-learned by the world.

Source: The Edge Markets April 07, 2026 03:32 UTC