Eye on Energy: The IEA Struggles With Its Mandate
The 1973 Arab oil embargo significantly altered the global energy market. No longer were the Seven Sisters (the Anglo-American fraternity of major oil companies) in charge. Decisions about oil production and supply were to be made by the Organization of the Petroleum Exporting Countries (OPEC), an alliance established in 1960 in response to pressure from Western oil companies on oil prices and, consequently, the profits of the exporting countries. In retaliation for Western governments' support of Israel's defense against...
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