The oil repercussions of the October 1973 war and its reflection in the Organization of Petroleum Exporting Countries (OPEC)

Abstract

There is no difference in the importance of oil in recycling the wheel of life, especially for the developed countries with major oil companies and the economy based on industry, hence the agreement of the Arab Petroleum Exporting Countries members of the Organization of Petroleum Exporting Countries, "OPEC" to use the oil weapon in the October 1973 war to form a factor Strategic pressure in the war for the benefit of Arab countries in its conflict with Israel, and to be the role of oil compressor in the battle of the decisive feature and the final word, the Arabs succeeded in using the oil embargo on countries supporting Israel after they failed in the previous war in June 1967. The fast becoming Which led to a severe international oil crisis, prompting the Arab countries under the cover of OPEC to exert efforts to correct prices and impose new terms of oil dealings with the major oil companies and behind them developed countries to ensure the continuation of this economic boom experienced by the Arab countries OPEC members As a result of the increase in national income from oil exports, this is met with fierce resistance from large companies and developed countries that used to before the oil crisis to get oil with a modest financial compensation war diminishes the right of the producing and exporting country