Milestone·Modern
OPEC Oil Embargo
- Date
- 17 October 1973 CE1393 AH53 years ago
- Place
- Arab oil-producing states
- People
- King Faisal, Ahmed Zaki Yamani
In October 1973 CE, during the Yom Kippur War, Arab oil-producing states acting through OAPEC cut exports to countries that supported Israel. Saudi Arabia was among the leading producers involved. The embargo lasted until March 1974. Oil prices rose roughly fourfold, and Western economies suffered inflation and shortages. Some Arab states used the embargo to pressure the United States over its policy on Israel.
Why it matters
The embargo showed the power of oil producers and led Western countries to build strategic reserves and new energy policies.