The oil crisis of 1973 is etched in history as a turning point for global energy markets. Back then, the Organisation of Arab Petroleum Exporting Countries (OAPEC) wielded oil as a geopolitical weapon, imposing an embargo in response to Western support for Israel during the Yom Kippur War.
The result? Energy prices soared, economies reeled, and the world was forced to reconsider its dependence on Middle Eastern oil.
But could history repeat itself today, especially for the UK? Let’s take a closer look.
In 1973, the UK’s energy security was precarious. Roughly 66% of the UK's crude and process oil imports came from the Middle East. Major suppliers included:
• Saudi Arabia (about 20%)
• Kuwait (about 21%)
• Iran (about 13%)
• Others: Abu Dhabi, Qatar, Iraq
Natural gas imports from the Middle East were negligible; the UK’s gas market was only just emerging and the North Sea’s potential was yet to be fully realised.
When the embargo hit, the UK—like much of the West—was caught off guard. Oil prices quadrupled and the economic shock forced a major rethink of energy policy and supply diversification.
Fast forward to today, and the UK’s energy story has changed dramatically:
• The UK now imports the majority of its crude oil from Norway and the United States, with Norway as the dominant supplier in recent years.
• Imports from the Middle East are minimal. Saudi Arabia accounts for just about 3% of UK oil imports—a far cry from the 1970s.
• For natural gas, Norway supplies over 50% of the UK’s needs and the United States up to 26%. Qatar, once a major gas supplier, now accounts for just 1.9% of UK gas imports in 2024, down from nearly 40% in 2011.
This diversification means the UK is far less exposed to Middle Eastern supply shocks than it was half a century ago.
However, what happens in the Middle East doesn’t stay in the Middle East. Conflict and instability in the region still have a ripple effect on global energy prices. As of mid-June 2025, energy prices are up 10% and the threat of disruptions—like the closure of the Straits of Hormuz—could send prices soaring by multiples.
The lesson from the 1970s is clear: resilience comes from diversification and innovation.
Today, the UK is not only less reliant on Middle Eastern energy but is also pushing forward with new solutions. Companies like ConsensusPower and Universal Energy are leading the way with peer-to-peer (P2P) energy platforms and behind-the-meter solutions. In some cases, these innovations can deliver savings of up to 50%, helping to insulate consumers from global price shocks.
“When times get tough, the tough get going.” That’s the spirit driving the UK’s energy transition—reducing dependence on any single supplier, even friendly ones like the USA, and building a more secure, flexible energy future.
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While echoes of the 1970s oil crisis remain in today’s volatile world, the UK’s energy position is fundamentally stronger. The country’s diversified supply, reduced reliance on the Middle East and embrace of innovative solutions mean that a repeat of the 1970s is unlikely. Still, vigilance is essential, as global markets remain interconnected—and the lessons of history are never far away.