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Arabs tighten oil control across the Middle East
AP dispatch outlines a growing shift of power as Arab nations increase influence over oil supplies. It traces a long U.S. and industry dependence, antitrust waivers, and import quotas that shaped market dynamics, contributing to a 54 percent drop in posted prices and the rise of OPEC amid mounting production challenges.
MENTIONED IN THIS ARTICLE
U.S
Venezuela
Tran
National Iranian Oil Co
Federal Trade Commission
Suez Canal
Justice Department
Dwight D. Eisenhower
Middle East
Independent Petroleum Association of America
Z. D. Bonner
Gulf
Roy Baze
Exxon
Organization of Petroleum Exporting Countries
OPEC
Soviet Union