The failure of the Arab oil weapon in 1973–1974

The Organization of Arab Petroleum Exporting Countries (OAPEQ stated that the 1973–1974 oil embargo was designed to force Israel to return the territory captured in 1967, alter the status of Jerusalem, and restore the rights of the Palestinians. It seemed in a strong position to ensure compliance with its demands since it controlled a large proportion of oil exports and had impressive financial resources, while the industrial countries had no available substitutes and limited stockpiles. Nonetheless, OAPEC failed to achieve its goals because it had little leverage over its real target, Israel, and because it was unable to effectively reward its friends and punish its enemies. The failure of the Arab oil embargo to accomplish its political purpose in 1973–1974 casts doubt on the political utility of such an embargo in the future and, indeed, on the political utility of economic embargoes in general.