Organization of Petroleum Exporting Countries. Its Arab members placed an embargo, or ban, on oil exports to the US A ban of sales of goods to the US

This is know by the 1973 Oil crisis.

Explanation:

In Oct 1973, the OPEC and the Arab member's petroleum exporting countries placed an oil embargo and targeted Canada, Netherlands and Japan, U.S, and the U.K. Raising the oil prices to nearly 400%. This embargo has a long term impact on the global economy. This embargo banned oil exports to the targeted nations and created cuts in oil production. As the oil nations were established some decades ago which later led to the formation of the embargo. The effects of the embargo were severer to America that had increasingly dependent on oil.