It is therefore important, in view of the situation in international capital flows, to carefully examine whether there has been growing pressure in the markets for future adjustments that could potentially lead to a crisis. 2.
But the full magnitude of their pricing power became evident only in the aftermath of the oil embargo of 1973. During that period, posted crude oil prices at Ras Tanura, Saudi Arabia, rose to more than $ per barrel, significantly above the $ per barrel that had been unchanged from 1961 to 1970.