In 1970, US oil production unexpectedly peaked and started to decline, which caused global oil markets to tighten rapidly as the US started to import more and more Arab oil. As the decade continued, global demand caught up with global supply, and two major oil price shocks occurred: the 1973 oil crisis and the 1979 oil crisis. The first occurred after the Organization of Arab Petroleum Exporting Countries (OAPEC), whose membership is the Arab members of the similarly named Organization of Petroleum Exporting Countries (OPEC), plus Egypt, Syria, and Tunisia) imposed an embargo on oil exports to the US, the UK, the Netherlands, Japan, and Canada in retaliation for supporting for Israel during the Yom Kippur War. US producers had been able to defeat the 1967 oil embargo by ramping up domestic production and flooding the world market with additional product at cut-rate prices, but declining domestic production and the ongoing rise in global demand prevented a similar response to the 1973 Arab embargo. The result was immediate shortages and lineups for gasoline in importing countries, particularly the US, which signalled the end of decades of cheap oil and a change in the balance of power from consuming countries, which now included the United States, to producing countries. On October 16, 1973, the Ministerial Committee of the Persian Gulf's OPEC membership announced an immediate rise in its posted price from $2.18 to $5.12 per barrel of oil. "Thus for the first time in oil history, the producing countries assumed power to consider and set the oil price "unilaterally", and independently of the" Seven Sisters.