OPEC headquarters In 1973, a handful of oil-rich countries, led by Saudi Arabia, Iran and Iraq, brought the mighty US economy to its knees by slapping an oil embargo on Washington and its allies. The suspension of oil shipments from the Middle East to the US and steep production cuts in retaliation for its support of Israel during the Yom Kippur War wreaked havoc on the American economy, leading to fuel shortages and causing oil prices to go through the roof. The ban was lifted within months following hectic negotiations, but not before it pushed the US economy into its worst recession since World War II. The Organization of Petroleum Exporting Countries (OPEC), which until then had maintained a relatively low profile, mainly negotiating higher oil prices from major oil companies for its members, had emerged as a force to reckon with. Nearly five decades later, OPEC remains only […]