Arab Oil Crisis 1973

OAPEC foundation

Jan 9, 1968

is a multilateral organization based in Kuwait, which coordinates energy policies between Arab nations. It's main objective, according to the organization itself, is development. Compound by Algeria, Bahrein, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, United Arab Emirates.

Yom Kippur War

Oct 6, 1973

Also known as the Arab-Israeli war of 1973 was a warlike conflict conduct by the union of the Arab countries led by Egypt and Syria against Israel, with the purpose of recovering lost territory of the third Israeli-Arab war (1967).

OAPEC indicates an oil Embargo

Oct 9, 1973

To all the countries supporting the Yom Kippur war like Canada, USA, Japan, United Kingdom and Netherland.

Operation Nickel Grass by the United States.

Oct 12, 1973

Strategic airlift created by United States to provide replacement of weapons and supplies resources to Israel. Soviet moves where similar but they supply to the Arab side.

Oil price raised

Oct 16, 1973

Saudi Arabia, Kuwait, Abu Dhabi, Qatar, Iran and Iraq raised prices by 17% to $3.65 per barrel and announce production cuts.

OAPEC strategy against Western countries supporting Israel.

Oct 17, 1973

OAPEC oil ministers agree to use oil against or to influence (stop) the western support of Israel, recommended an embargo against the estates that did not comply and also mandated export cuts to this states.

The Yom Kippur war ends.

Oct 26, 1973

Arab Producers announce

Nov 5, 1973

a 25% output cut, and further 5% cut in threatened.

Oil embargo extended

Nov 23, 1973

The Arab embargo extended to Rhodesia, Portugal and South Africa.

Arab oil ministers increased the cut of production

Dec 9, 1973

The Arab oil ministers agree another 5% of cut on the production to the non-friendly countries like United States, which have a date of beginning on January of 1974

Oil cut canceled

Dec 25, 1973

Arab oil minister canceled the oil cut because the Saudi oil minister Ahmed promises a 10% OPEC production rise.

Oil price freeze

Jan 7, 1974

The OPEC decided to freeze the price of the oil until April 1.

End of the US embargo.

Mar 17, 1974

The Arab oil ministers with the exception of Libya, announce the end of the US embargo.

End of the oil crisis

Mar 18, 1974