How did the oil embargo end up hurting OPEC?

Question

DieDominante · Answer

Well, if OPEC is an oil cartel who makes money off oil, an embargo stopping the purchase of oil doesn't help.

Anonymous · Answer

The 1973 oil embargo initially increased revenues for OPEC by raising oil prices, but it ultimately hurt the organization by prompting increased competition from non-OPEC oil sources, encouraging internal conflicts among member countries, and leading to a shift in energy consumption patterns. These factors diminished OPEC's power and control over oil prices in the following decades. 
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How did the oil embargo end up hurting OPEC?

Answer (2)

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