What is it about?
It is about the Arab oil embargo, which was imposed by the Organization of Arab Petroleum Exporting Countries, led by Saudi Arabia, during the Yom Kippur war in 1973. As a result of this embargo Arab countries suspended the oil supplies to the USA and its allies for supporting Israel against Arabs in the war.
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Why is it important?
The consequences of the embargo included a global oil crisis, characterized by oil shortages, closures of oil refineries and industries, and a sudden 300% increase in oil prices. The oil embargo had a substantial impact on global politics due to its significant political and economic costs, as well as its role in intensifying the rivalry between Cold War adversaries. The Arab oil embargo also affected the global economy which subsequently influenced the thinking in Washington to establish physical control over the oil in Middle East.
Perspectives
The embargo was in response to these countries’ support and military assistance extended to Israel. The USA supported Israel, while the Soviet Union backed Arab states, further complicating the situation.
Mr Shams uz Zaman
National University of Modern Languages
Read the Original
This page is a summary of: Arab Oil Embargo, November 2023, Springer Science + Business Media,
DOI: 10.1007/978-3-030-93703-4_443-1.
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