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The Arab oil embargo: A crisis that saved us

Posted on 24 October 2013

Forty years ago this month, Syria and Egypt launched a Yom Kippur surprise attack on Israel to regain land and prestige lost in the 1967 Six-Day War. Israeli forces were nearing Damascus and Cairo when a ceasefire took hold.
But as the Soviet Union resupplied its Arab clients and President Nixon resupplied Israel, Arab members of the OPEC oil cartel, led by Saudi Arabia, announced a 5 percent monthly cut in oil output, then embargoed oil exports to the U.S. and later others. OPEC provided 35 percent of America’s oil at the time………………………………………..Full Article: Source


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VRS - who has written 36151 posts on Opalesque Commodities Briefing.


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