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OPEC oil ministers use oil as an economic weapon in Arab-Israeli War

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OPEC oil ministers used oil as an economic weapon during the Arab-Israeli War on 17 October 1973, cutting exports and recommending an embargo against states deemed unfriendly, creating a global energy crisis

Desk Report

Publisted at 10:10 AM, Thu Oct 17th, 2024

On 17 October 1973, in the midst of the Arab-Israeli War, OPEC oil ministers wielded oil as an economic weapon, fundamentally altering global geopolitics.

The Organisation of the Petroleum Exporting Countries mandated a cut in oil exports and recommended an embargo against nations deemed unfriendly, particularly targeting the United States and its allies, who were perceived as supporting Israel.

This calculated move, aimed at pressuring these states, led to an energy crisis that sent shockwaves through global markets, marking a critical moment where economic resources were tactically employed to influence political outcomes in the Middle East.

 

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