Arab oil producers lift the US embargo

Arab oil producers lift the US embargo

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  • SYND 18-3-74 OPEC CONFERENCE DECIDE TO LIFT OIL EMBARGO ON USA

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  • Gas Lines 1974

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Arab oil ministers, with the exception of Lybia, announced the end of the US embargo, thus lowering the price per barrel. The embargo, known as 1973 oil crisis started after several nations supported Israel during Yom Kippur War. Globally, the price of oil had risen up to $12 per barrel, with US prices being even higher.

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