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The creation of OPEC intensified the need among the Third World countries for closer cooperation in order to achieve their political and economic objectives. Membership grew to ten within the decade.
In 1970’s, member countries took control of their domestic petroleum industries and acquired the right to influence the pricing of crude oil on the world market. There were two oil pricing crises, triggered by the Arab oil embargo in 1973 and the Iranian Revolution in 1979. During the 1973 War between Egypt and Israel, Saudi Arabia refused to increase production in order to halt rising prices unless the United States backed the Arab position...
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