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OPEC Founded
Kuwait, Iraq, Iran, Saudi Arabia and Venezuela joined together to form OPEC. -
Abu Dhabi
Sheik Zayed bin Sultan Al Nahyan became the ruler of Abu Dhabi. In, 1971 he founded the United Arab Emirates. -
Early 1970s Abu Dhabi
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Abu Dhabi in the 1970s
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1973 Oil crisis
OPEC launched an embargo against the U.S because they were upset with their involvement in the Israeli-Palestinian conflict. The embargo caused the oil prices to nearly quadruple. Oil went from about three dollars per barrel to about twelve dollars per barrel in 1974. -
Oil embargo ends
Arab Embargo ends, International Energy Agency (IEA) founded. -
Proved oil reserves 667.5 billion barrels
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Period: to
Development of Arab countries
Hundreds of billions spent on developing Saudi arabia, UAE, and Abu Dhabi ect. It is very important to decrease their dependancy on oil to ensure a stable economy. Increasing tourism and education. -
Abu Dhabi 1980s
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Abu Dhabi in the 1980s
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Oil price per barrel
Due to panic, oil prices have increased from $13 to around $34 per barrel. From 1979-1981 -
1980s Abu Dhabi Coast
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Proved oil reserves 771.3 billion barrels
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The Hyatt Hotel in Dubai in December 1987 shorty after it opened.
At the time the Hyatt was one of the most modern hotels in the middle east. -
The United Arab Emirates Spending
The UAE anouces that it will spend around billions of dollars on Military equiptment from the USA. -
Proved oil reserves 1003.2 billion barrels
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Period: to
World oil consumption
From 1990 to 1997 world oil consumption increased 6.2million barrels per day. -
Proved oil reserves 1029 billion barrels
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Proved oil reserves 1104.9 billion barrels
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Fluctuations in crude oil prices
Fluctuations during certain crises. -
UAE becomes top 10 largest oil company
The UAE became the sixth largest oil company in the world. This results in the UAE having great influence on the oil and gas prices worldwide. -
Proved oil reserves 1383.2 billion barrels
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Modern Dubai coast
