Saudi Aramco describes crisis oil flow hike
On Aug. 2, 1990, Iraqi forces invaded Kuwait and triggered one of the most severe crises in the world's oil supplies since World War II. Within a few days of the invasion, Iraqi and Kuwaiti oil exports were embargoed, and almost 4.6 million b/d oil of production was removed from world markets. This shortfall amounted to about 20% of total Organization of Petroleum Exporting Countries production at the time and could have proven disastrous to the world's industrial and financial well-being. However, there was no disruption to the major economies of the world. This paper reports that the primary reason for the cushioning of this impact was the massive expansion in production undertaken by Saudi Arabian Oil Co. (Saudi Aramco).
- OSTI ID:
- 5365567
- Journal Information:
- Oil and Gas Journal; (United States), Vol. 89:48; ISSN 0030-1388
- Country of Publication:
- United States
- Language:
- English
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Related Subjects
POLICY AND ECONOMY
02 PETROLEUM
IRAQ
OIL FIELDS
KUWAIT
PETROLEUM
PRICES
PETROLEUM INDUSTRY
MARKET
GLOBAL ASPECTS
OIL WELLS
PRODUCTIVITY
REVIEWS
SAUDI ARABIA
VISCOSITY
ASIA
DEVELOPING COUNTRIES
DOCUMENT TYPES
ENERGY SOURCES
FOSSIL FUELS
FUELS
GEOLOGIC DEPOSITS
INDUSTRY
MIDDLE EAST
MINERAL RESOURCES
PETROLEUM DEPOSITS
RESOURCES
WELLS
294002* - Energy Planning & Policy- Petroleum
020700 - Petroleum- Economics
Industrial
& Business Aspects
023000 - Petroleum- Properties & Composition