1967 Oil Embargo

The 1967 Oil Embargo began on June 6, 1967, the second day of the

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

communiqué^[1]

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 aggression on sovereignty of any Arab state or its territories or its territorial waters, particularly the Gulf of Aqaba"
"The involvement of any country directly or indirectly in armed aggression against Arab states will make assets of its companies and nationals inside the territories of Arab countries subject to the
laws of war
. This includes the assets of oil companies."

Invitees included Egypt, Syria, Kuwait, Libya, Saudi Arabia, Algeria, Bahrain, Abu Dhabi, and Qatar. Iraq sent copies of the Council resolution to the Embassies of Iran and Indonesia, and sought the support of Venezuela.

Oil Embargo

The Baghdad Resolutions were important because Egypt broadcast claims of US aircraft support on June 6. Iraq was the first country to limit its oil shipments, embargoing the United States and the United Kingdom on June 6. Iraq, Kuwait, Algeria, and Bahrain eventually embargoed the United States and the United Kingdom. Syria stopped all oil exports, rather than just embargoing specific countries, in order to avoid declaring specific nations as aggressors.

The United States advocated emergency measures in

Amir of Kuwait even proposed to the US ambassador that companies simply alter shipping manifests

to ship oil to prohibited countries.

Egypt sought to bend not only international political policy but also the policies of more moderate governments,

Nasser effectively limited moderate countries' political options lest they risk a revolution.^[3]

Khartoum Resolution

The Khartoum Resolution issued on September 1 allowed the moderate oil-producing nations (Kuwait, Saudi Arabia, and Libya) to resume oil exports and regain this critical source of revenue without risking disquiet or even overthrow from their more radical citizens. In exchange, these countries agreed to give annual aid to "victims of

Zionist aggression", namely Egypt and Jordan

($266 million and $112 million, respectively).

The 1967 oil embargo was the main reason for the formation of

oil crisis of 1973–74

.