19731016 October, the Arabs used Yom Kippur to launch a crackdown on Israel and recover lost territory. At the beginning of the war, Arabs won one after another, but a week later, the situation reversed, Israel began a large-scale counterattack, and Egypt was at a disadvantage.

At this time, Arab oil-producing countries are negotiating with foreign oil companies to raise crude oil prices. On June 4th, 1973, 10, the negotiations broke down. 1973,10 On June 6, five Arab oil-producing countries in the Gulf met with Iranian representatives in Kuwait and decided to unilaterally raise the price of crude oil per barrel by 70% to 5. 168. Seven Sisters, which has controlled the world market for a long time, has no choice but to transfer the oil price decision to the Organization of Petroleum Exporting Countries.

1973 10 10/7, the oil ministers of Arab oil-producing countries met to discuss how to support Egypt with practical actions and crack down on the United States and other western countries that support Israel, forcing them to stand on the Arab side politically. The meeting did not adopt Iraq's idea of implementing the oil embargo immediately, and decided to immediately and gradually reduce the output/export volume and reduce the oil supply to the United States and the European Union. First, reduce the daily output level and supply of 1973 in September by 5%, and then increase or decrease by 5% every month until the target is achieved. The United States disagreed, and1October 1973+0 19 announced that it would provide $2.2 billion in military assistance to Israel. This move angered Arab oil-producing countries, and Libya announced an oil embargo on the United States on the same day. 1973101On October 20th, Saudi Arabia and other Gulf oil-producing countries acted in concert to impose an embargo on the United States and the European Union. The world market suddenly reduced the supply of 5 million barrels of oil a day. American oil production has been declining, and it is impossible to increase production, so oil prices have soared and many gas stations have long queues. In late February, the Organization of Petroleum Exporting Countries doubled the price of oil to $65,438 per barrel.

This crisis is earth-shattering Western Europe and Japan import more than 80% of their oil, mainly from the Middle East, which has been hit far more than the United States. 1973165438+1In late October, the European Union expressed its support for Arabs on the Middle East issue, and Arab oil-producing countries removed it (except the Netherlands) from the embargo "blacklist". 1973165438+1On October 22nd, Japan also announced that it was on the side of Arabs. Isolated are the United States and the Netherlands.

The embargo ended on March 1974.