Worry grows as Iran/Iraq war lingers

Journal Article · Mon Nov 03 04:00:00 EST 1980 · Oil Gas J.; (United States)

OSTI ID:6162713

Despite the Iran/Iraq war and the prospect of greater disruption of Persian Gulf oil deliveries, the international crude market has adjusted to the loss of supplies and remains stable, partly because some nonwarring members of the Organization of Petroleum Exporting Countries have boosted production to make up losses and partly because the industrialized nations have maintained high levels of crude and product stocks. These stocks would be draw-depleted in nine months if used at the rate of 1.8 million bbl/day; this and a 2 million bbl/day increase in OPEC production would make up for the entire war-caused shortfall. If the Strait of Hormuz were closed, the shortfall would be 17 million bbl/day, which would deplete stocks in less than one month. Patterns of supply and demand in non-Communist western countries in 1978-79 and 1979-80; the International Energy Agency oil-sharing plan which would go into effect in the case of a major oil shortage; and the prospects for a surge in prices in the international oil markets, are discussed.

• OSTI ID: 6162713
• Journal Information: Oil Gas J.; (United States), Journal Name: Oil Gas J.; (United States) Vol. 78:44; ISSN OIGJA
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700* -- Petroleum-- Economics
Industrial
& Business Aspects
022000 -- Petroleum-- Transport
Handling
& Storage
AGREEMENTS
ARABIAN SEA
ASIA
COOPERATION
DELIVERY
DEVELOPED COUNTRIES
DEVELOPING COUNTRIES
ENERGY SOURCES
FORECASTING
FOSSIL FUELS
FUELS
GLOBAL ASPECTS
INDIAN OCEAN
INTERNATIONAL AGREEMENTS
INTERNATIONAL COOPERATION
INTERNATIONAL ORGANIZATIONS
IRAN
IRAQ
MARKET
MIDDLE EAST
OIL-EXPORTING COUNTRIES
OPEC
PERSIAN GULF
PETROLEUM
PRICES
SEAS
SHORTAGES
STOCKPILES
STRAIT OF HORMUZ
SUPPLY AND DEMAND
SUPPLY DISRUPTION
SURFACE WATERS