Original sentence: A petrodollar recycling mechanism was created, through which OPEC surplus funds were channeled through the capital markets to the West to finance the current account deficits.By the end of the embargo in March 1974, the price of oil had risen from $3 per barrel to nearly $12.It marked the beginning of an exponential growth of Western capital markets.The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries (OAPEC, consisting of the Arab members of the OPEC plus Egypt, Syria and Tunisia) proclaimed an oil embargo.The functioning of this mechanism required the relaxation of capital controls in oil-importing economies.The price shock created large current account deficits in oil-importing economies
Edited sentence: " This is a lie.OPEC countries savedsaved western currencies via "sovereign wealth funds" essentially centralised hoarding of foreign currency.The 1973 oil crisis began when US production peaked in 1970, which resukted in problems in the early 1970s.There is never any "financing" of "current account deficits.This stopped their currencies rising to eye-watering levels