BETA: Automatically translated from Basque, translation may contain errors. More information here. Elhuyarren itzultzaile automatikoaren logoa

Arab countries multiplied the price of oil overnight

51
years ago

16 October 1973,

The Arab countries multiplied the price of oil overnight. Meeting in Kuwait, they decided to reduce their production. Days before the outbreak of the Yom Kippur war against Israel, and knowing that EE.UU supported it, it induced the Arabs to intervene in oil for the first time. In six months the price increased fourfold, causing a severe crisis in the Western economies.

Source:

Josep Fontana, For the Sake of Empire (Past and Present).

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50
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