dubai crude was the highest oil price per barrel.
what was the highest oil price per barrel?
dubai crude
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several factors converged in the early 1970s to prompt the malaysian government into setting up a state oil and gas company. in 1972, the oil price per barrel was us$1.50, which later raised to us$2.28 per barrel. war in the middle east and oil embargo by organisation of petroleum exporting countries (opec) had caused the price per barrel to rise until us$12.00, thus giving more incentives for malaysia to set up her own oil company. several countries such as united arab emirates, egypt, and indonesia have adopted the production sharing agreement instead of concession system for oil revenue distribution. malaysian government also believed that foreign oil companies did not properly inform the government regarding the oil exploration activities in their respective concessions (such as new discovery of oil fields), thus resulted in loss of revenue to the government. the formulation of malaysian new economic policy in early 1970s encourage malaysians to take control of various modern industries and to open more economic opportunities for bumiputera (malaysian natives).
petronas