During the 1973 oil crisis, OAPEC announced an oil embargo against countries supporting Israel.
OAPEC was the Organization of Arab Petroleum Exporting Countries, founded in 1968 by Saudi Arabia, Kuwait and Libya. During the Yom Kippur War, its Arab member states used oil exports as political leverage. The embargo particularly targeted the United States and the Netherlands, among other countries viewed as supporting Israel.
The action restricted supplies and contributed to a sharp rise in oil prices. The crisis helped drive inflation, fuel shortages and slower economic growth in many industrialized countries, although the price increases also reflected broader decisions by oil-producing states and market conditions.
OAPEC is often confused with OPEC. OPEC is the larger global oil producers’ organization; OAPEC is a separate group whose membership is limited to Arab oil-exporting states. OAPEC still exists, while its membership and influence have changed over time.