The move was triggered by the start of the oil crisis of October 1973, when OPEC fuel producers started an embargo to the United States in response to President Richard Nixon’s request to send $ ...
Canada took over the presidency from Italy in 2025. The G7 was founded following the 1973 OPEC oil embargo as a forum for the richest nations to discuss crises affecting the world economy.
The 1973 oil crisis began when Arab producers led by Saudi Arabia slapped an oil embargo on Western supporters ... output to 12 million bpd and its Gulf OPEC ally, the United Arab Emirates ...
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