Some of OPEC’s production cuts have had significant knock-on effects for the global economy. In 1973, OPEC's Arab members imposed an embargo on the U.S. and other countries that supported Israel during the Yom Kippur War. Sometimes known as the "first oil shock," it sent oil prices quadrupling within three months, leading to widespread fuel shortages in the U.S., and is regarded as one of the key drivers of the prolonged economic crisis in the U.S. and elsewhere in the 1970s. Recently, oil prices surged after OPEC+ producers had announced surprise cuts. Are we back to the 1970s and their oil supply woes?
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Bringing you all the latest daily news and updates, TVP World is Poland's first English-language channel where you can find world news as seen from the Polish perspective and the latest news from the CEE region. Follow us on Twitter, Facebook, Instagram.
https://tvpworld.com/
https://www.facebook.com/tvpworldcom
https://twitter.com/TVPWorld_com
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#TVPWorld
Bringing you all the latest daily news and updates, TVP World is Poland's first English-language channel where you can find world news as seen from the Polish perspective and the latest news from the CEE region. Follow us on Twitter, Facebook, Instagram.
https://tvpworld.com/
https://www.facebook.com/tvpworldcom
https://twitter.com/TVPWorld_com
https://www.instagram.com/tvp_world/
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