OPEC oil embargo and IEA founding (1973-1974)
Arab OPEC members cut oil exports to nations backing Israel in the Yom Kippur war. Crude prices quadrupled from $3 to $12 a barrel. OECD countries created the IEA in Paris in November 1974 to coordinate emergency stocks and reduce import exposure.
Member states built 90-day strategic petroleum reserves and launched the first national fuel efficiency standards.
The embargo seeded sustained investment in nuclear power, North Sea oil, and the early efficiency gains that defined energy policy for the next 30 years.
The IEA was born from a security shock. Today's report frames Middle East conflict as a similar driver, but the response is renewables and grids rather than new oil reserves.
