Author(s): Fiona Venn
Publisher: Pearson Education LTD
Date : 2002
Pages : 233
Format : PDF
OCR : Y
Quality : Excellent
Language : English
ISBN-10 : 0582308097
In October 1973, the Organization of Petroleum Exporting Countries (OPEC) decided unilaterally to end the oil corporationsÂ’ monopoly over crude oil prices and production levels, and immediately set a price considerably in excess of the prevailing norm. In the same month, a war broke out between Israel and the neighbouring Arab states: in order to support the Arab cause, a number of leading Arab oil producers announced a selective boycott of oil supplies, coupled with a progressive cut in production levels. In the aftermath of these two separate decisions, oil prices soared, the traditional role of companies within the international oil industry changed, and the incomes of the major oilexporting states increased severalfold.
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