The 1973 oil embargo: its history, motives, and consequences

05/02/2005
The months preceding the 1973 embargo witnessed a marathon of negotiations over prices, taxes, and shares between governments of the oil-producing countries and the international oil companies (IOCs), which held long-term concessions. The pressure on oil prices started building up a few days before the embargo, when negotiations between the host countries and IOCs broke off. The Persian Gulf states, including Iran, reacted by unilaterally increasing the posted price by 70% on Oct. 16, 1973. The following day, members of the Organization of Arab Oil Exporting Countries (OAPEC), less Iraq, decided to use oil as a political weapon by cutting production without imposing any embargo. Some coun...
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