1973 oil crisis
About the same time, OPEC members agreed to raise world oil prices, after attempts at negotiation with the "Seven Sisters" oil company earlier in the month failed. Due to the dependence of the industrialized world on crude oil and the role of OPEC as a major supplier, these price increases hurt the economies of the targeted countries, while at the same time limiting economic activity. The targeted countries responded with new, and mostly permanent, attempts to limit any more dependency.