On October 16, 1973, the Arab members of the Organization of Petroleum Exporting Countries (OPEC ) announced a decision to raise the price of oil by 70 percent a barrel, which was followed by the oil ministers agreeing to an embargo on oil shipped to the United States, a five percent reduction in production from September’s levels, and a continuation in production reductions in five percent increments until the organization’s economic and political objectives were met.The stated reason for the embargo on the United States was because the U.S. provided military supplies to aid Israel in the Yom Kippur War that Egypt and Syria launched against Israel on October 6, 1973.
