What caused the oil shock in 1973?

The 1973 oil crisis or first oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries led by Saudi Arabia proclaimed an oil embargo. The embargo was targeted at nations that had supported Israel during the Yom Kippur War.

What does OPEC do for kids?

Its work is to “coordinate and unify the petroleum policies” of its members. Also to “ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry”.

How did the oil crisis of 1973 affect Canada?

Overall the oil embargo had a sharply negative effect on the Canadian economy. The economic malaise in the United States easily crossed the border and increases in unemployment and stagflation hit Canada as hard as the United States despite Canadian fuel reserves.

What does the word OPEC mean?

Organization of the Petroleum Exporting CountriesOPEC / Full name
The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

Where are most of the countries of Organisation of petroleum exporting countries OPEC located?

As of January 2020, OPEC has 13 member countries: five in the Middle East (Western Asia), seven in Africa, and one in South America.

How many countries are in OPEC?

This means that, currently, the Organization has a total of 13 Member Countries. The OPEC Statute distinguishes between the Founder Members and Full Members – those countries whose applications for membership have been accepted by the Conference.

Is the UK in OPEC?

Current OPEC members are Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia, the United Arab Emirates and Venezuela.

What was the price of gas in 1973?

Supporting Information