Taken from The Star, deadline 2010-03-21:
Many nations blessed with rich resources have enjoyed economic booms, but many have also been cursed by it. So what is Malaysia’s standing among the world matrix of oil-producing nations, and how well are we managing our oil revenue?
IN 1973, OPEC (Organisation of Petroleum Exporting Countries) unexpectedly imposed a six month embargo on oil supplies, inducing the first global oil shock. Malaysia’s response to that was the incorporation of PETRONAS as the Malaysian oil corporation. The timing seemed right given that in 1971 the price of oil was just US$1.50 but by 1974 it was already averaging US$12 per barrel, making it viable for PETRONAS to extract oil from our off-shore reserves.