1973 oil crisis

The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries (OAPEC, consisting of the Arab members of OPEC plus Egypt and Syria) proclaimed an oil embargo. By the end of the embargo in March 1974, the price of oil had risen from $3 per barrel to nearly $12 globally; US prices were significantly higher. The oil crisis, or "shock", the embargo caused had many short-term and long-term effects on global politics and the global economy. It was later called the "first oil shock", followed by the 1979 oil crisis, termed the "second oil shock."

Summary

The embargo was a response to American involvement in the 1973 Yom Kippur War. Six days after Egypt and Syria launched a surprise military campaign against Israel to regain territories lost in the June 1967 Six-Day War, the US supplied Israel with arms. In response to this, OAPEC announced an oil embargo against Canada, Japan, the Netherlands, the United Kingdom and the US.

The crisis had a major impact on international relations and created a rift within NATO. Some European nations and Japan sought to disassociate themselves from United States foreign policy in the Middle East to avoid being targeted by the boycott. Arab oil producers linked any future policy changes to peace between the belligerents. To address this, the Nixon Administration began multilateral negotiations with the combatants. They arranged for Israel to pull back from the Sinai Peninsula and the Golan Heights. By January 18, 1974, US Secretary of State Henry Kissinger had negotiated an Israeli troop withdrawal from parts of the Sinai Peninsula. The promise of a negotiated settlement between Israel and Syria was enough to convince Arab oil producers to lift the embargo in March 1974.

Oil embargo

Oil embargo may refer to:

Second Sino-Japanese War

The Second Sino-Japanese War (July 7, 1937 – September 9, 1945) was a military conflict fought primarily between the Republic of China and the Empire of Japan from 1937 to 1945. It followed the First Sino-Japanese War of 1894–95.

China fought Japan, with some economic help from Germany (see Sino-German cooperation until 1941), the Soviet Union, the British Empire and the United States. After the Japanese attack on Pearl Harbor in 1941, the war would merge into the greater conflict of World War II as a major front of what is broadly known as the Pacific War. The Second Sino-Japanese War was the largest Asian war in the 20th century. It accounted for the majority of civilian and military casualties in the Pacific War, with anywhere between 10 and 25 million Chinese civilians and over 4 million Chinese and Japanese military personnel dying from war-related violence, famine, and other causes (see World War II casualties).

The war was the result of a decades-long Japanese imperialist policy aimed at expanding its influence politically and militarily in order to secure access to raw material reserves and other economic resources in the area, particularly food and labour, and engage war with others in the policy context of aggressive modernized militarism in the Asia-Pacific, at the height of Imperial Rule Assistance Association's Hideki Tojo cabinet and with the order from Emperor Shōwa. Before 1937, China and Japan fought in small, localized engagements, so-called "incidents". In 1931, the Japanese invasion of Manchuria by Japan's Kwantung Army followed the Mukden Incident. The last of these incidents was the Marco Polo Bridge Incident of 1937, which marked the beginning of total war between the two countries.

1967 Oil Embargo

The 1967 Oil Embargo began on June 6, 1967, one day after the beginning of the Six-Day War, with a joint Arab decision to deter any countries from supporting Israel militarily. Several Middle Eastern countries eventually limited their oil shipments, some embargoing only the United States and the United Kingdom, while others placed a total ban on oil exports. The Oil Embargo did not significantly decrease the amount of oil available in the United States or any affected European countries due mainly to a lack of solidarity and uniformity in embargoing specific countries. The embargo was effectively ended on September 1 with the issuance of the Khartoum Resolution.

Oil Ministers' Conference

During the June 9–18 Oil Ministers' Conference in Baghdad several Arab countries issued a communiqué that two resolutions were unanimously passed: