 Decline of OPEC  The embargo encouraged new venues for energy exploration, including Alaska, the North Sea, the Caspian Sea, and the Caucasus. Exploration in the Caspian Basin and Siberia became profitable. Cooperation changed into a far more adversarial relationship as the USSR increased its production. By 1980, the Soviet Union had become the world's largest producer."World: Saudis Edge U.S. on Oil" in Washington Post January 3, 1980, pg. D2Dusko Doder "Soviet Production of Gas, Oil Set Records Over 6 Months" in Washington Post August 14, 1980, pg. A24  The drop in prices presented a serious problem for oil-exporting countries in northern Europe and the Persian Gulf. Heavily populated, impoverished countries, whose economies were largely dependent on oil—including Mexico, Nigeria, Algeria, and Libya—did not prepare for a market reversal that left them in sometimes desperate situations.
Consequences Decline of OPEC Oil sources diversification The embargo encouraged new venues for energy exploration, including Alaska, the North Sea, the Caspian Sea, and the Caucasus. Exploration in the Caspian Basin and Siberia became profitable. Cooperation changed into a far more adversarial relationship as the USSR increased its production. By 1980, the Soviet Union had become the world's largest producer."World: Saudis Edge U.S. on Oil" in Washington Post January 3, 1980, pg. D2Dusko Doder "Soviet Production of Gas, Oil Set Records Over 6 Months" in Washington Post August 14, 1980, pg. A24 Economical impact The drop in prices presented a serious problem for oil-exporting countries in northern Europe and the Persian Gulf. Heavily populated, impoverished countries, whose economies were largely dependent on oil—including Mexico, Nigeria, Algeria, and Libya—did not prepare for a market reversal that left them in sometimes desperate situations.
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Consequences
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Oil sources diversification
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Economical impact