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OIL DISCOVERED IN MIDDLE EAST
Oil is found in Persia (now Iran) and three years later the first refinery is built to extract the oil from the ground. OPEC later comes and creates prices and margins to sell between countries and nations. -
OPEC FORMED
"Iraq, Iran, Kuwait, Saudi Arabia and Venezuela formed OPEC"
"OPEC's objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry." -
arab israeli war
"Arab-Israeli war. An Arab oil embargo causes
panic-buying, resulting in the first oil shock. Prices for
Arabian Light crude leap to $10.41 in 1974 from $2.83 in 1973,according to the BP Statistical Review."
(NOT ACTUAL DATE WEBSITE HAD NO DATE ONLY YEAR) -
OPEC HELD CAPTIVE
"Carlos the Jackal leads a team that storms into a
meeting of OPEC in Vienna and takes OPEC ministers, including
then Saudi Oil Minister Sheikh Ahmed Zaki Yamani, hostage."
(NOT ACTUAL DATE JUST YEAR)
