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Oil Embargo
An oil embargo is an economical sanction which limits the transport of petroleum to or from an area, in order to exact some desired outcome. One commentator states, " oil embargo is not a common commercial practice; it is a tool of political blackmail, meant to force those at whom it is aimed, into some action they would otherwise not be willing to take".B. A. Bayraktar, ''Energy Policy Planning'' (2012), p. 340. Notable examples of international oil embargoes include: * Oil embargo (Sino-Japanese War), 1941–1945 * Embargo against Francoist Spain, 1944 * 1967 Oil Embargo *1973 oil crisis *1979 energy crisis A drop in oil production in the wake of the Iranian revolution led to an energy crisis in 1979. Although the global oil supply only decreased by approximately four percent, the oil markets' reaction raised the price of crude oil drastically ... * Embargo against Apartheid South Africa, 1987–1993 * Embargo against Iran, 2012–2016 References {{SIA Embargoes Pet ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Embargo
Economic sanctions or embargoes are commercial and financial penalties applied by states or institutions against states, groups, or individuals. Economic sanctions are a form of coercion that attempts to get an actor to change its behavior through disruption in economic exchange. Sanctions can be intended to compel (an attempt to change an actor's behavior) or deter (an attempt to stop an actor from certain actions).Haidar, J.I., 2017Sanctions and Exports Deflection: Evidence from Iran" Economic Policy (Oxford University Press), April 2017, Vol. 32(90), pp. 319–355. Sanctions can target an entire country or they can be more narrowly targeted at individuals or groups; this latter form of sanctions are sometimes called "smart sanctions". Prominent forms of economic sanctions include trade barriers, asset freezes, travel bans, arms embargoes, and restrictions on financial transactions. The efficacy of sanctions in achieving intended goals is a subject of debate. Scholars hav ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Petroleum
Petroleum, also known as crude oil or simply oil, is a naturally occurring, yellowish-black liquid chemical mixture found in geological formations, consisting mainly of hydrocarbons. The term ''petroleum'' refers both to naturally occurring unprocessed crude oil, as well as to petroleum products that consist of refining, refined crude oil. Petroleum is a fossil fuel formed over millions of years from anaerobic decay of organic materials from buried prehistoric life, prehistoric organisms, particularly planktons and algae, and 70% of the world's oil deposits were formed during the Mesozoic. Conventional reserves of petroleum are primarily recovered by oil drilling, drilling, which is done after a study of the relevant structural geology, sedimentary basin analysis, analysis of the sedimentary basin, and reservoir characterization, characterization of the petroleum reservoir. There are also unconventional (oil & gas) reservoir, unconventional reserves such as oil sands and oil sh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oil Embargo (Sino-Japanese War)
The Second Sino-Japanese War was fought between the Republic of China and the Empire of Japan between 1937 and 1945, following a period of war localized to Manchuria that started in 1931. It is considered part of World War II, and often regarded as the beginning of World WarII in Asia. It was the largest Asian war in the 20th century and has been described as The Asian Holocaust, in reference to the scale of Japanese war crimes against Chinese civilians. It is known in China as the War of Resistance against Japanese Aggression. On 18 September 1931, the Japanese staged the Mukden incident, a false flag event fabricated to justify their invasion of Manchuria and establishment of the puppet state of Manchukuo. This is sometimes marked as the beginning of the war. From 1931 to 1937, China and Japan engaged in skirmishes, including in Shanghai and in Northern China. Chinese Nationalist and Communist forces, respectively led by Chiang Kai-shek and Mao Zedong, had fought ea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wolfram Crisis
The Wolfram Crisis (Spanish: ''Crisis del wolframio'') was a diplomatic conflict during World War II between Francoist Spain and the Allied powers, which sought to block Spanish exports of tungsten ore to Nazi Germany. "Wolfram" is an alternate name for tungsten, a strategic material used in anti-tank weapons and machine tools. Most of the wolframite mines in Europe, such as the Barruecopardo mine, are in northwestern Spain and northern Portugal. The high demand for this scarce strategic mineral in war time had created a bubble in prices, with the otherwise desolate post-Civil War Spanish economy heftily profiting from it, as its income from tungsten exports had increased from £73,000 in 1940 to £15.7 million in 1943. Tungsten exports accounted for nearly 1% of the Spanish GDP and 20% of its exports by 1943–44. On 18 November 1943, the United States Ambassador to Spain delivered a memorandum to the Spanish Ministry of Foreign Affairs demanding for the unconditional end to tu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1967 Oil Embargo
The 1967 Oil Embargo began on June 6, 1967, the second day of the Six-Day War, with a joint Arab decision to deter any countries from supporting Israel militarily. Several Middle Eastern countries eventually limited their oil shipments, some embargoing only the United States and the United Kingdom, while others placed a total ban on oil exports. The Oil Embargo did not significantly decrease the amount of oil available in the United States or any affected European countries, due mainly to a lack of solidarity and uniformity in embargoing specific countries. The embargo was effectively ended on September 1 with the issuance of the Khartoum Resolution. Oil Ministers' Conference During the June 9–18 Oil Ministers' Conference in Baghdad, Iraq, several Arab countries issued a communiqué that two resolutions were unanimously passed: # ''"Arab oil shall be denied to and shall not be allowed to reach directly or indirectly countries committing aggression or participating in aggre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1973 Oil Crisis
In October 1973, the Organization of Arab Petroleum Exporting Countries (OAPEC) announced that it was implementing a total oil embargo against countries that had supported Israel at any point during the 1973 Yom Kippur War, which began after Egypt and Syria launched a large-scale surprise attack in an ultimately unsuccessful attempt to recover the territories that they had lost to Israel during the 1967 Six-Day War. In an effort that was led by Faisal of Saudi Arabia, the initial countries that OAPEC targeted were Canada, Japan, the Netherlands, the United Kingdom, and the United States. This list was later expanded to include Estado Novo (Portugal), Portugal, Rhodesia, and South Africa. In March 1974, OAPEC lifted the embargo, but the price of oil had risen by nearly 300%: from US to nearly US globally. Prices in the United States were significantly higher than the global average. After it was implemented, the embargo caused an oil crisis, or "shock", with many short- and long ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1979 Energy Crisis
A drop in oil production in the wake of the Iranian revolution led to an energy crisis in 1979. Although the global oil supply only decreased by approximately four percent, the oil markets' reaction raised the price of crude oil drastically over the next 12 months, more than doubling it to . The sudden increase in price was connected with fuel shortages similar to the 1973 oil crisis. In 1980, following the onset of the Iran–Iraq War, oil production in Iran fell drastically. Iraq's oil production also dropped significantly, triggering economic recessions worldwide. Oil prices did not return to pre-crisis levels until the mid-1980s. Oil prices after 1980 began a steady decline over the next 20 years, except for a brief uptick during the Gulf War, which then reached a 60% fall-off in the 1990s. Mexico, Nigeria, and Venezuela's major oil exporters expanded their production during this time. The Soviet Union became the largest oil producer in the world, and oil from the N ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Sanctions During Apartheid
As a response to South Africa's apartheid policies, the international community adopted economic sanctions as a form of condemnation and pressure. Jamaica led the movement by being the first country to ban goods from apartheid South Africa in 1959. On 6 November 1962, the United Nations General Assembly passed Resolution 1761, a non-binding resolution condemning South African apartheid policies, establishing the United Nations Special Committee against Apartheid and calling for imposing economic and other sanctions on South Africa. On 7 August 1963 the United Nations Security Council passed Resolution 181, calling for a voluntary arms embargo against South Africa and that very year the Special Committee Against Apartheid would encourage and oversee plans of action against the country. While nations such as the United States and the United Kingdom were at first reluctant to place sanctions, by the late 1980s both countries, as well as 23 other nations, had passed laws placi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Embargo Against Iran
There have been a number of international sanctions against Iran imposed by a number of countries, especially the United States, and international entities. Iran was the most sanctioned country in the world until it was surpassed by Russia, following Russia's invasion of neighboring Ukraine in February 2022. The first sanctions were imposed by the United States in November 1979,Haidar, J.I., 2017Sanctions and Exports Deflection: Evidence from Iran," Economic Policy (Oxford University Press), April 2017, Vol. 32(90), pp. 319-355. after a group of radical students seized the American Embassy in Tehran and took hostages. These sanctions were lifted in January 1981 after the hostages were released, but they were reimposed by the United States in 1987 in response to Iran's actions from 1981 to 1987 against the U.S. and vessels of other countries in the Persian Gulf and US claims of Iranian support for terrorism. The sanctions were expanded in 1995 to include firms dealing with the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Embargoes
Economic sanctions or embargoes are Commerce, commercial and Finance, financial penalties applied by states or institutions against states, groups, or individuals. Economic sanctions are a form of Coercion (international relations), coercion that attempts to get an actor to change its behavior through disruption in economic exchange. Sanctions can be intended to Compellence, compel (an attempt to change an actor's behavior) or Deterrence theory, deter (an attempt to stop an actor from certain actions).Haidar, J.I., 2017Sanctions and Exports Deflection: Evidence from Iran" Economic Policy (Oxford University Press), April 2017, Vol. 32(90), pp. 319–355. Sanctions can target an entire country or they can be more narrowly targeted at individuals or groups; this latter form of sanctions are sometimes called "smart sanctions". Prominent forms of economic sanctions include trade barriers, Asset freezing, asset freezes, travel bans, arms embargoes, and restrictions on financial transac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
