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International Oil Crisis - Coursework Example

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From the paper "International Oil Crisis" it is clear that as the analysis of the Iranian Revolution of 1979 has shown, the Second Oil Crisis was precipitated by international revolution and the subsequent invasion of this country by neighboring Iraq…
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International Oil Crisis
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Download file to see previous pages  Historically speaking, high oil prices are nothing new and the oil production market is beset by erratic behaviour and wide fluctuations.  Why, and with what effects, were there sharp increases in oil prices in 1973-74 and 1979-81?  How have geopolitical factors affected the international oil markets and what have been their effects?  What were the policies adopted for combating their effects? Where these policies deemed appropriate or adequate? What role has OPEC played in the wide fluctuations of international oil? Seeking to address these questions and many more with respect to the role of geopolitical affairs on the international oil sector, this essay will explore the Oil Crises of the 20th century (1973 to 1974 and then 1979-81). With an emphasis on international events and the role that they play in the international supply of oil, we will begin with a quick overview of OPEC and expand our analyses of these two major events (Aldeman 2003).
What is OPEC? OPEC, the Organization of Petroleum Exporting Countries, is an international trade cartel composed of 12 oil-producing countries. These 12 countries account for two-thirds of the world’s total reserves and close to 40% of the world’s total oil production. Due to their significant share of the world oil market, OPEC plays a huge role in global oil production and the determination of oil prices (Mouad 2006; BBC 2008). During the First Oil Crisis, the Arab countries of OPEC established OAPEC, Organization of Arab Petroleum Exporting Countries, an organization which played an important role in the oil shocks of the early 1970s. It is to this event that we now turn as we explore the geopolitical factors which precipitated this international crisis.
A Jewish state in the Middle East remains a divisive and controversial subject and the Palestinian-Israeli conflict remains one of the most enduring and complex disputes of modern times. After two major wars, in 1948 and again in 1967, Israel and her neighbors entered into another armed conflict in 1973, this one, however, had enormous geopolitical and economic ramifications. On Yom Kippur 1973 – the Day of Atonement, the holiest day of the Jewish year - the concerted armies of Egypt and Syria launched a coordinated surprise assault against Israel.  ...Download file to see next pagesRead More
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