Arab Members of OPEC Institute an Oil Embargo
At a glance:
- Series: Great Events from History II: Ecology and the Environment Series
- Categories: Diplomacy, International Relations, Foreign Affairs, Economics, Environmental Issues
- Subcategories: Business, Trade, Commerce, Embargoes, Sanctions, Energy, Fuel, Power Sources, Ecology, Environment, Conservation
- Curriculum: American History 1951-present, Middle Eastern History
- Geographical Location: Egypt, Middle East, Soviet Union, Russia, Europe, Saudi Arabia, Kuwait, Iraq, Libya, Syria, Israel, Iran, Algeria, United States, Bahrain, Qatar
- Date: October, 1973-March, 1974
Article abstract: In response to American military assistance to Israel during the Yom Kippur War, Arab oil-producing states decreased production and stopped oil shipments to the United States.
Summary of Event
Representatives from the world’s principal oil companies and officials from major oil-exporting countries met in Vienna on October 8, 1973, to negotiate the price of crude petroleum. By mid-1973, the market price of oil had increased and the Organization of Petroleum Exporting Countries (OPEC) was seeking an increase in the posted barrel price...
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