1973 oil crisis - OPEC approves the plan providing for 25 percent government ownership of all Western oil interests operating
Time: Friday Oct 27, 1972
Place: Vienna, Austria
Details: OPEC approves the plan providing for 25 percent government ownership of all Western oil interests operating within Kuwait, Qatar, Abu Dhabi, and Saudi Arabia beginning on January 1, 1973, and rising to 51 percent by January 1, 1983. (Iraq declines to agree.) Agreements were signed on December 21.
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