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20th Century Middle East on 2.What are the circumstances that lead to the establishments of OPEC, the Nationalization of Middle East oil and the 1973 embargo - Essay Example

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This did not make the Arabs happy, leading to the members of the OPEC together with Egypt, Syria, and Tunisia creating embargoes that aimed at hurting the U.S and all those countries supporting it. However,…
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20th Century Middle East essay on 2.What are the circumstances that lead to the establishments of OPEC, the Nationalization of Middle East oil and the 1973 embargo
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"20th Century Middle East on 2.What are the circumstances that lead to the establishments of OPEC, the Nationalization of Middle East oil and the 1973 embargo"

Download file to see previous pages This caused a crisis that led to the destabilization of several developed and developing countries, bringing about the debate on whether the dependence of oil was ideal for economies around the world. Industrial powers within the western hemisphere were affected, and the support for Venezuela and Ecuador increased as their prices were fair enough to those countries in support of Israel2.
Initially, the formation of the OPEC (Organization of Petroleum exporting countries) in 1960 aimed at making sure that the countries were protected from the incidences of market prices shaped by developed nations against the rest of the society. They wanted to protect exporting countries by coordinating the petroleum policies across the world, not giving one country the leeway to dictate things happening in the petroleum industry. OPEC wanted to ensure that the stabilization of oil markets was based on agreed policies and provide new means of securing the economic efficiency expected when making the regular supply to OPEC members3. Any investment made was supposed to provide new methods of creating a steady income for the sake of entrusting the society with better profits. Oil prices dictate the state of the economy in many countries, and that has been a critical aspect of development across the world. OPEC handles all complaints and has to make decisions based on the interests of everyone involved in the process of oil production. They also wanted to resist the pressure that the major western oil-producing companies that could trigger oil price spikes without allowing them to make any choices4.
During the embargo, the countries mainly Arabic countries, made the unilateral decision to hike the prices and cause a disruption in the world oil prices. The price per barrel at the period between 1960 and 1971 was at $1.75. By mid-1973, the price had risen to $3.29 a barrel, and this was after negotiations. After the conflict had begun, the OPEC members raised the price to ...Download file to see next pagesRead More
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