Oil Crisis 1973

Nov 27, 1973 - Paris, France - The 1973 oil crisis began on October 17, 1973, when the members of Organization of Arab Petroleum Exporting Countries announced, as a result of the ongoing Yom Kippur War, that they would no longer ship oil to nations that had supported Israel in its conflict with Syria and Egypt (the United States, its allies in Western Europe, and Japan). Because of the dependence of the industrialized world on crude oil and the predominant role of OPEC as a global supplier, these price increases were dramatically inflationary to the economies of the targeted countries, while at the same time suppressive of economic activity. The targeted countries responded with a wide variety of new, and mostly permanent, initiatives to contain their further dependency. PICTURED: Arab delegation in Paris - Saudi Arabian Oil minister YAMANI, Algerian Economics minister ABDESSELAM and French minister for industrial development

Restrictions Only for United Kingdom

Algerian Announced Contain Crude Dependence Dependency Dramatically Economics Economies Exporting Frankreich Further Increases Industrialized Inflationary Initiatives Kippur Longer Mostly Ongoing Opec Permanent Petroleum Predominant Responded Result Saudi Supplier Supported Suppressive Targeted Yamani

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