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OPEC Oil Embargo
The 1973 oil crisis or first oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries (OAPEC), led by King Faisal of Saudi Arabia, proclaimed an oil embargo. The embargo was targeted at nations that had supported Israel during the Yom Kippur War. The initial nations targeted were Canada, Japan, the Netherlands, the United Kingdom and the United States, though the embargo also later extended to Portugal, Rhodesia and South Africa. By the end of the embargo in March 1974, the price of oil had risen nearly 300%, from US to nearly globally; US prices were significantly higher. The embargo caused an oil crisis, or "shock", with many short- and long-term effects on global politics and the global economy. It was later called the "first oil shock", followed by the 1979 oil crisis, termed the "second oil shock". Background Arab-Israeli conflict Ever since Israel declared independence in 1948 there was conflict between Arabs and Is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
West Texas Intermediate
West Texas Intermediate (WTI) is a grade or mix of crude oil; the term is also used to refer to the spot price, the futures price, or assessed price for that oil. In colloquial usage, WTI usually refers to the WTI Crude Oil futures contract traded on the New York Mercantile Exchange (NYMEX). The WTI oil grade is also known as Texas light sweet, oil produced from any location can be considered WTI if the oil meets the required qualifications. Spot and futures prices of WTI are used as a benchmark in oil pricing. This grade is described as light crude oil because of its low density and sweet because of its low sulfur content. The price of WTI is often included in news reports on oil prices, alongside the price of Brent crude from the North Sea. Other important oil markers include the Dubai crude, Oman crude, Urals oil, and the OPEC reference basket. WTI is lighter and sweeter, containing less sulfur than Brent, and considerably lighter and sweeter than Dubai or Oman. WTI crud ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1979 Oil Crisis
The 1979 oil crisis, also known as the 1979 Oil Shock or Second Oil Crisis, was an energy crisis caused by a drop in oil production in the wake of the Iranian Revolution. Although the global oil supply only decreased by approximately four percent, the oil markets' reaction raised the price of crude oil drastically over the next 12 months, more than doubling it to . The sudden increase in price was connected with fuel shortages and long lines at gas stations similar to the 1973 oil crisis. In 1980, following the onset of the Iran–Iraq War, oil production in Iran fell drastically. Iraq's oil production also dropped significantly, triggering economic recessions worldwide. Oil prices did not return to pre-crisis levels until the mid-1980s. Oil prices after 1980 began a steady decline over the next 20 years, except for a brief uptick during the Gulf War, which then reached a 60% fall-off in the 1990s. Mexico, Nigeria, and Venezuela's major oil exporters expanded their produ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1974 Suez Canal Clearance Operation
Following the Yom Kippur War between Egypt and Israel in 1973, an international agreement was reached in October 1973 to provide measures to reopen the Suez Canal after its closure for 8 years after the 1967 Six-Day War. The U.S.-led clearing effort undertaken in 1974 consisted of three operations: the sweeping of mines in the Suez Canal by naval units from the United States, the United Kingdom and France (Operation Nimbus Star), the provision of training and advisory assistance for land and water explosive ordnance clearance for Egyptian forces (Operation Nimbus Moon) and the removal and salvage of wrecks from the Canal (Operation Nimrod Spar). Operation Nimbus Star Operation Nimbus Star involved the clearance of naval mines and unexploded ordnance from portions of the Suez Canal and its approaches The U.S. Navy amphibious assault ship (later relieved by ) deployed more than a month early with only five days notice, and became the flagship of "Task Force 65" to clear mines fro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Closure Of The Suez Canal (1967-1975)
Closure may refer to: Conceptual Psychology * Closure (psychology), the state of experiencing an emotional conclusion to a difficult life event Computer science * Closure (computer programming), an abstraction binding a function to its scope * Relational database model: Set-theoretic formulation and Armstrong's axioms for its use in database theory Mathematics * Closure (mathematics), the result of applying a closure operator * Closure (topology), for a set, the smallest closed set containing that set Philosophy * Epistemic closure, a principle in epistemology * Deductive closure, a principle in logic * Cognitive closure, a principle in philosophy of mind * ''Closure: A Short History of Everything'', a philosophical book by Hilary Lawson Sociology * Closure (sociology) * Closure, a concept in the social construction of technology Physical objects * Closure (container) used to seal a bottle, jug, jar, can, or other container ** Closure (wine bottle), a stopper * Hook-and-ey ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sinai Peninsula
The Sinai Peninsula, or simply Sinai (now usually ) (, , cop, Ⲥⲓⲛⲁ), is a peninsula in Egypt, and the only part of the country located in Asia. It is between the Mediterranean Sea to the north and the Red Sea to the south, and is a land bridge between Asia and Africa. Sinai has a land area of about (6 percent of Egypt's total area) and a population of approximately 600,000 people. Administratively, the vast majority of the area of the Sinai Peninsula is divided into two Governorates of Egypt, governorates: the South Sinai Governorate and the North Sinai Governorate. Three other governorates span the Suez Canal, crossing into African Egypt: Suez Governorate on the southern end of the Suez Canal, Ismailia Governorate in the center, and Port Said Governorate in the north. In the classical era the region was known as Arabia Petraea. The peninsula acquired the name Sinai in modern times due to the assumption that a mountain near Saint Catherine's Monastery is the Biblical ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Six-Day War
The Six-Day War (, ; ar, النكسة, , or ) or June War, also known as the 1967 Arab–Israeli War or Third Arab–Israeli War, was fought between Israel and a coalition of Arab world, Arab states (primarily United Arab Republic, Egypt, Syria, and Jordan) from 5 to 10 June 1967. Escalated hostilities broke out amid poor relations between Israel and its Arab neighbours following the 1949 Armistice Agreements, which were signed at the end of the 1948 Arab–Israeli War, First Arab–Israeli War. Earlier, in 1956, regional tensions over the Straits of Tiran escalated in what became known as the Suez Crisis, when Israel invaded Egypt over the Israeli passage through the Suez Canal and Straits of Tiran, Egyptian closure of maritime passageways to Israeli shipping, ultimately resulting in the re-opening of the Straits of Tiran to Israel as well as the deployment of the United Nations Emergency Force (UNEF) along the Borders of Israel#Border with Egypt, Egypt–Israel border. In ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Closure Of The Suez Canal (1956–1957)
The closure of the Suez Canal from November 1956 to April 1957 was caused by Second Arab–Israeli war also known as the Suez Crisis in 1956. On 26 July 1956 Egyptian president Gamal Abdel Nasser nationalized the Suez Canal from British and French investors that owned the Suez Canal Company, that caused Britain and France to devise a military operation with the help of Israel to invade the Egyptian Sinai Peninsula and have British and French paratroopers drop in to protect the Suez Canal but the objective was to take the canal back. The United States and Soviet Union condemned the invasion and de-escalated the situation by early 1957. Oil supply through the canal Around 66% of oil that Europe consumed at the time came through the Suez Canal from mostly Arab States. Aswen Dam project The United States was initially going to help fund the Aswan Dam but reneged on their earlier commitment because Egypt was cozying up to Communist influences in the Soviet Union, Czechoslovakia, and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Suez Canal
The Suez Canal ( arz, قَنَاةُ ٱلسُّوَيْسِ, ') is an artificial sea-level waterway in Egypt, connecting the Mediterranean Sea to the Red Sea through the Isthmus of Suez and dividing Africa and Asia. The long canal is a popular trade route between Europe and Asia. In 1858, Ferdinand de Lesseps formed the Suez Canal Company for the express purpose of building the canal. Construction of the canal lasted from 1859 to 1869. The canal officially opened on 17 November 1869. It offers vessels a direct route between the North Atlantic and northern Indian oceans via the Mediterranean Sea and the Red Sea, avoiding the South Atlantic and southern Indian oceans and reducing the journey distance from the Arabian Sea to London by approximately , or 10 days at to 8 days at . The canal extends from the northern terminus of Port Said to the southern terminus of Port Tewfik at the city of Suez. In 2021, more than 20,600 vessels traversed the canal (an average of 56 per day). T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nationalization
Nationalization (nationalisation in British English) is the process of transforming privately-owned assets into public assets by bringing them under the public ownership of a national government or state. Nationalization usually refers to private assets or to assets owned by lower levels of government (such as municipalities) being transferred to the state. Nationalization contrasts with privatization and with demutualization. When previously nationalized assets are privatized and subsequently returned to public ownership at a later stage, they are said to have undergone renationalization. Industries often subject to nationalization include the commanding heights of the economy – telecommunications, electric power, fossil fuels, railways, airlines, iron ore, media, postal services, banks, and water – though, in many jurisdictions, many such entities have no history of private ownership. Nationalization may occur with or without financial compensation to the former owners. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Israeli Passage Through The Suez Canal And Straits Of Tiran
Israeli passage through the Suez Canal and Straits of Tiran is the freedom of navigation for Israeli vessels through the Egyptian-controlled Suez Canal and Straits of Tiran. Egypt controlled the Suez Canal and Straits of Tiran, and did not recognize Israel after the two countries signed an armistice agreement to end the 1947–1949 Palestine war. Egypt began to strengthen a blockade of Israeli shipping as relations between Israel and Egypt deteriorated further between 1949 and 1956. They were opened partially following the 1956 Suez Crisis, wherein Israel invaded Egypt with the explicit intention of ensuring access to these waters. This reoccurred after further deterioration of the relationship between the two countries in the mid-1960s; Egypt renewed the blockade in 1967, leading to the Six Day War. The current status is set by the Egypt–Israel peace treaty of 1979. The Straits of Tiran route served Israel's only port on the Gulf of Aqaba, Eilat. However, this had limited eco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Port Of Eilat
The Port of Eilat ( he, נמל אילת) is the only Israeli port on the Red Sea, located at the northern tip of the Gulf of Aqaba. History The Port of Eilat was declared in 1952, and constructed between 1952-56. Today it is mainly used for trading with Far East countries. It allows Israeli shipping to reach the Indian Ocean without having to sail through the Suez Canal. Egyptian naval blockades of the Straits of Tiran which control access to Eilat featured prominently in the events which led to two major Arab-Israeli Conflicts: The Sinai War and the Six-Day War. Ship traffic at Eilat is relatively low (compared to Israel's two large seaports on the Mediterranean). One reason is that Eilat is situated at a considerable distance from the center of the country. Another is the fact that unlike the country's other main seaports, Eilat's is yet to be served by a railway line (the nearest railhead is located over a hundred kilometers to the north at Dimona). Also, coastal tourism us ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Suez Crisis
The Suez Crisis, or the Second Arab–Israeli war, also called the Tripartite Aggression ( ar, العدوان الثلاثي, Al-ʿUdwān aṯ-Ṯulāṯiyy) in the Arab world and the Sinai War in Israel,Also known as the Suez War or 1956 War; other names include the ''Sinai war'', ''Suez–Sinai war'', ''1956 Arab–Israeli war'', the Second Arab–Israeli war, ''Suez Campaign'', ''Sinai Campaign'', ''Kadesh Operation'' and ''Operation Musketeer'' was an invasion of Egypt in late 1956 by Israel, followed by the United Kingdom and France. The aims were to regain control of the Suez Canal for the Western powers and to remove Egyptian president Gamal Abdel Nasser, who had just swiftly nationalised the foreign-owned Suez Canal Company, which administered the canal. Israel's primary objective was to re-open the blocked Straits of Tiran. After the fighting had started, political pressure from the United States, the Soviet Union and the United Nations led to a withdrawal by the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
