In October 1973 the Arab members of OPEC embargoed oil shipments to the United States and other supporters of Israel in the Yom Kippur War, and the posted price of oil roughly quadrupled within months. The shock ended the era of cheap oil, triggered the founding of the International Energy Agency and national strategic reserves, and pushed energy security to the center of world politics, where it has stayed.
Facts
Milestone Year Milestone Date Connections
Associated With
Source International Energy Agency Official Site
Source US State Department Office of the Historian
The agency was founded in 1974 as the consuming nations response to the crisis.
Source International Energy Agency Official Site
The 1973 embargo was declared by the Arab members of OPEC through OAPEC; the price decisions that followed were OPEC actions.
Source OPEC Official Site
Source EBSCO Research Starters
Sources
1. International Energy Agency Official Site
2. Wikipedia: 1973 Oil Crisis
1973 oil crisis, Arab production cuts of 17 October
On 17 October, Arab oil producers cut production by 5% and threatened an oil embargo against Israel's wartime allies
1973 oil crisis, OPEC summit at the Sheraton Hotel
At an OPEC summit at the Sheraton Hotel in Kuwait City on 16 October 1973, it was announced the price of oil would go from $3.01 US dollars per barrel to $5.12 per barrel.
In Group: Oil Crisis and Energy Institutions, Lead
In October 1973, the Organization of Arab Petroleum Exporting Countries (OAPEC) announced that it was implementing a total oil embargo against countries that had supported Israel at any point during the 1973 Yom Kippur War, which began after Egypt and Syria launched a large-scale surprise attack in an ultimately unsuccessful attempt to recover the territories that they had lost to Israel during the 1967 Six-Day War.
View the SourceEncyclopedia Britannica
Encyclopedia Britannica, Inc.Britannica, 'Arab oil embargo' article, opening definitionQuote, Britannica, 'Arab oil embargo' article, opening definition
Arab oil embargo, temporary cessation of oil shipments from the Middle East to the United States, the Netherlands, Portugal, Rhodesia, and South Africa, imposed by oil-producing Arab countries in October 1973 in retaliation for support of Israel during the Yom Kippur War; the embargo on the United States was lifted in March 1974, though the embargo on the other countries remained in place for some time afterward.
OPEC Official Site
Organization of the Petroleum Exporting CountriesAssociated With: OPECView the Source EBSCO Research Starters
EBSCO Information ServicesAssociated With: OPEC Founded in Baghdad, Research Starters, OPEC Founded, OverviewQuote, Associated With: OPEC Founded in Baghdad, Research Starters, OPEC Founded, Overview
The founding nations were Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela
US State Department Office of the Historian
United States Department of StateAssociated With: IEA Founded, Milestones 1969-1976, Oil Embargo 1973-1974Quote, Associated With: IEA Founded, Milestones 1969-1976, Oil Embargo 1973-1974
The price of oil per barrel first doubled, then quadrupled, imposing skyrocketing costs on consumers and structural challenges to the stability of whole national economies.
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