1971 Libya, Saudi Arabia, Algeria and Iraq negotiate price increase from $2.55 to $3.45 per barrel. OPEC Countries begin nationalising oil assets. Libya nationalises BP concession

1972 Iraq nationalises Iraq Petroleum Concession

1973 Iran nationalises oil assets. Arab oil embargo — oil prices rise from $2.90 to $11.65. Yom Kippur War

1974 Arab Embargo ends. International Energy Agency created.

1975 Venezuelan oil industry nationalised. First oil production from the North Sea

1977 Alaska oil pipeline completed

1978 Amoco Cadiz runs aground off French Coast

1979 First significant coalbed methane drilling by Amoco in San Juan Basin, USA. Shah of Iran deposed, Ayatollah Khomeini takes power. Three Mile Island nuclear power plant accident. Saddam Hussein becomes President of Iraq. November: Iran takes US hostages

1979-81 Oil prices rise from $13.00 to $34.00

1980 Iraq launches war against Iran

Source: Energy Intelligence