HISTORY
HISTORY OF THE MIDDLE EAST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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oil
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coal
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timber
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uranium
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Detailed explanation-1: -October 1973–January 1974 The embargo ceased U.S. oil imports from participating OAPEC nations, and began a series of production cuts that altered the world price of oil. These cuts nearly quadrupled the price of oil from $2.90 a barrel before the embargo to $11.65 a barrel in January 1974.
Detailed explanation-2: -The Southwest Asian countries with the greatest reserves of natural gas and oil are Saudi Arabia, Iraq, Iran, and Kuwait.
Detailed explanation-3: -To meet the needs in the future, the Middle Eastern countries are reserving their funds under Sovereign Wealth Funds (SWF) for future generations. Diversification includes calculated spending of government funds, expansion of non-energy exports and expanding Foreign Direct Investments (FDI’s).
Detailed explanation-4: -Why is so much oil buried under Southwest Asia? Oil can be found under Southwest Asia because millions of years ago the area was under water. When the Iranian and Arabian tectonic plates hit, they created spaces where oil was formed and trapped.