Event: Arab Oil, a Weapon in the Battle
Representatives from oil-producing nations who gather in Kuwait announce that they are raising the price of a barrel of oil from $3.02 to $5.12. Ministers of Arab oil-producing countries decide to cut oil exports by 5% immediately and also reduce production by 5% every month until "the Arab lands that Israel occupied in 1967 are liberated, and the Palestinian people are given their rights back." The next day, King Faisal of Saudi Arabia decides to reduce production by 10% immediately, and on 20 October, his government announces that it will stop all oil exports to the United States and the Netherlands. The following day, Kuwait, Qatar, Bahrain, and Dubai all join the Saudi embargo.