Arab Oil - Case Study Example

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Arab Oil

The Egyptian and Syrian political leaders, President Anwar Sadat and President Assad had made their final decision to attack Israel on October 6, at 2:00 P.M. As a response to the decision of the Arab leaders, Soviet Foreign Minister Andrei Gromyko began evacuating Soviet civilian personnel and their families from Egypt and Syria. The Soviet Union government headed by Leonid Brezhnev did not fully approve of the decision of these two Arab countries. Israel was headed by Golda Meir during the armed conflict. (Israelyan, 1995)
The Yom Kippur, or Ramadan War, which started on October 6, 1973 was due to the frustration of the Arab countries with Israeli failure to evacuate occupied territories and to support UN resolutions. (Morse, 1999) These frustrations had been aggravated by persistent perceptions among Arab leaders that the United States was strongly supporting Israel in violation of the Arab situation. Prime Minister Assad of Syria informed the Soviet authorities that the Syrian and Egyptian leaders had decided to prusue a joint attack against Israel on October 6 at 2:00 P.M. This crucial decision had been made on October 4. Both countries had relied on the Soviet Union for understanding and support. ...Show more

Summary

The Arab oil-exporting countries decided on October 16, 1973 that they would cut oil production and place an oil embargo on the United States and the Netherlands. The OPEC (Organization of Petroleum Exporting Countries) committee composed of the oil ministers of the Gulf member countries consisting of the United Arab Emirates, Iran, Qatar, Kuwait, Iraq, and Saudi Arabia had indicated they would unilaterally increase the posted price of Arabian Light, the marker crude, from US$3.011 per barrel to US$5.119…
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