The oil price shock Flashcards
1
Q
What did the the OPEC crisis in 1973 do?
A
Destabilised the international economy
2
Q
What happened in October 1973?
A
In response to the Yom Kippur War, OPEC launched a complete oil embargo against Israel’s allies, including the USA
3
Q
What did the OPEC crisis lead to?
A
A four-fold increase in the price of oil within a year
4
Q
What was OPEC?
A
Stands for the Organisation of Petroleum Exporting Countries. In 1973 members included Saudi Arabia, Iraq and Libya
