Tag: The First Gulf War

  • Political Dimensions of the Gulf Crisis

    By: Robert Mabro

    The Middle East holds a very Iarge proportion of the world’s proven oil reserves. More importantly, the region has been the major potential source of incremental supplies since the 1940s, and will retain this role in the foreseeable future. Other oil regions that played this roIe in the past, such as the North Sea and […]

  • Transitions are Dangerous: Oil and the World Economy, 1990

    By: Jeremy Turk

    For the last twenty years, oil has probably been the single most important economic commodity. Its only competitor, with the exception of money itself, has perhaps been the microchip. Oil has the greatest share of world trade, provides the mainstay of the worlds largest companies, is the dominant force in the determination of energy prices […]

  • The First Oil War: Implications of the Gulf Crisis in the Oil Market

    By: Leonie Archer

    The issues which provided Iraq with the pretext for its invasion of Kuwait were oil pricing policies and oiI revenues. Of course, Iraq had broader political and regionaL objectives, but its most immediate and pressing concern was to loosen the economic and financial noose that was threatening strangulation. Low oil prices, technicaI limitations on arrent […]

  • The World Refining System and the Oil Products Trade

    By: A. Seymour

    The principal feature of the “1990 oil price shock is that it is a crisis not only of crude oil supplies but also of oil products. The invasion of Kuwait and the subsequent embargo of Iraq and Kuwait have resulted in the loss of between 4.5 and 5.16 mb/d of crude oil supplies (see OIES, […]

  • Oil Price Differentials: Markets in Disarray

    By: Paul Horsnell

    The conventional wisdom about the current behaviour of oil prices is essentially very simple. It is comprised of two assertions and then an inference. It runs as foIlows. First, there is no physical shortage in oil markets. Secondly, there is no stockbuilding (or “hoarding”) at least not by the important oil companies. The price rises […]

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