Post Gulf War oil supply

Journal Article · · Turbomachinery International; (United States)

OSTI ID:5366825

May, W R

One of the spin-offs from the Gulf War will be a change in the old order within OPEC. With Iraq and Kuwait production stopped because of the war, output from OPEC countries is around 23.5 million barrels per day compared with about 20 million last August before the Iraqi invasion of Kuwait. It is reported that there are some 225 to 235 million barrels of oil in inventory, worldwide, above normal levels. As seen in the accompanying graph, oil prices have drifted back to about the same level as in March 1990 from the wartime high of nearly $40/bbl. Before the invasion, Saudi Arabia's quota was 5.4 million bbls per day. Since then, Saudi has pumped at 7.7 to 7.9 bbls per day with plans to reactivate shut-in wells which will bring production capability to 10 million bbls per day. Other OPEC countries are at maximum capacity and some, Venezuela, for example, are also in the process of expanding production. This article discusses the effect of the war on the future oil supply, other countries' response to Iraq oil production, and prediction of possible oil price response.

• OSTI ID: 5366825
• Journal Information: Turbomachinery International; (United States), Journal Name: Turbomachinery International; (United States) Vol. 32:2; ISSN 0149-4147; ISSN TUIND
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700* -- Petroleum-- Economics
Industrial
& Business Aspects
AFRICA
ASIA
CAPACITY
DEVELOPING COUNTRIES
ECONOMIC POLICY
ECUADOR
ENERGY CONSERVATION
ENERGY POLICY
ENERGY SOURCES
ENERGY SUPPLIES
FOREIGN POLICY
FOSSIL FUELS
FUEL OILS
FUEL SUPPLIES
FUELS
GABON
GOVERNMENT POLICIES
INDUSTRY
INTERNATIONAL ORGANIZATIONS
IRAN
IRAQ
KUWAIT
LATIN AMERICA
LIBYA
LIQUID FUELS
MIDDLE EAST
OIL-EXPORTING COUNTRIES
OILS
OPEC
ORGANIC COMPOUNDS
OTHER ORGANIC COMPOUNDS
PETROLEUM
PETROLEUM INDUSTRY
PETROLEUM PRODUCTS
PLANNING
PRODUCTION
SOUTH AMERICA
SUPPLY AND DEMAND
WARFARE