1973 oil embargo opec members
1979 oil crisis.
1973 oil embargo opec members
OPEC enacts oil embargo
The Arab-dominated Organization of Petroleum Exporting Countries (OPEC) announces a decision to cut oil exports to the United States and other nations that provided military aid to Israel in the Yom Kippur War of October According to OPEC, exports were to be reduced by 5 percent every month until Israel evacuated the territories occupied in the Arab-Israeli war of In December, a full oil embargo was imposed against the United States and several other countries, prompting a serious energy crisis in the United States and other nations dependent on foreign oil.
OPEC was founded in by Saudi Arabia, Iran, Iraq, Kuwait and Venezuela with the principle objective of raising the price of oil.
Other Arab nations and Third World oil producers joined in the s and early s. For the first decade of its existence, OPEC had little impact on the price of oil, but by the early s an increase in demand and the decline of U.S.
oil production gave it more clout.
In October , O