THE 1970S 1969 1979
FOREIGN POLICIES OF PRESIDENT NIXON
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Iraqi aggression against neighboring countries
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The refusal of the Israeli government to recognize Palestine
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The collective economic power of OPEC member nations
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The formation of a military coalition among Arab states
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Detailed explanation-1: -The oil crisis of the 1970s was brought about by two specific events occurring in the Middle-east, the Yom-Kippur War of 1973 and the Iranian Revolution of 1979. Both events resulted in disruptions of oil supplies from the region which created difficulties for the nations that relied on energy exports from the region.
Detailed explanation-2: -Because of this market share, OPEC’s actions have a huge influence on international oil prices. In particular, OPEC’s largest producer of crude oil, Saudi Arabia, has the most frequent effect on oil prices. Historically, crude oil prices have seen increases in times when OPEC production targets are reduced.
Detailed explanation-3: -OPEC+ regulates the supply of oil in order to influence the price of the commodity on the world market. The group can achieve this by coordinating supply cuts when the price is deemed too low and supply increases when its members believe prices are too high.
Detailed explanation-4: -Its members meet regularly to coordinate how much crude oil to sell collectively on global markets. “OPEC+ tailors supply and demand to balance the market, ” Kate Dourian of UK industry body the Energy Institute told the BBC. “They keep prices high by lowering supplies when the demand for oil slumps."