Saddam Hussein Drives Oil Prices Up Yet Markets Fall Short
Iraqi president hypes prices to at least 25 dollars a barrel before OPEC talks but market stays near 20. His invasion of Kuwait raises fears, yet prices peak after the seizure, angering Saudi profits. Analysts warn of a continued “fear price” and supply risks if stocks fall and output isn’t boosted.
MENTIONED IN THIS ARTICLE
London
Saddam Hussein
Iraq
Organization of Petroleum Exing Countries
OPEC
Kuwait
Peter Brogin
Cambridge Energy Research Associates
Paris
Saddam
Hussein
Gulf monarchies face Saudi threat as Iraq calls revolt
As U S troops deploy in Saudi Arabia concerns rise about possible attacks on Bahrain United Arab Emirates and other Persian Gulf monarchies. Saddam Hussein portrays the conflict as a class struggle and calls for an Arab revolution and holy war while Arab leaders plan to send troops and join sanctions against Kuwait’s invasion.
MENTIONED IN THIS ARTICLE
U.S
Saudi Arabia
Persian Gulf
Saddam Hussein
United States
Iraq
Kuwait
Gulf
Bahrain
United Arab Emirates
Ag Ara
Mideast
Energy crisis tests United States lack of cohesive policy
The Arab oil crisis unsettles markets and boosts fears of recession as analysts insist the U S needs a national energy policy. Experts highlight imports, efficiency gains since the 1970s, and the Strategic Petroleum Reserve while debates grow over hard versus soft energy strategies and the path to independence.
MENTIONED IN THIS ARTICLE
Middle East
United States
Roger Carlsmith
Oak Ridge National Laboratory
Tennessee
Mideast
U.S
Surging prices threaten Eastern Bloc economy
Western oil price surge strains Eastern Europe as post Soviet clients face higher fuel costs. Six former communist states rely on Soviet oil priced below world levels, risking reduced access to markets and aid as they transition to a free market amid Gulf disruption. 75 percent of their daily oil needs come from the Soviet Union.
MENTIONED IN THIS ARTICLE
Washington
Soviet Union
East Bloc
One Gulf
East Germany
U.S
Europe
Duke University
Durham
Joseph Es
Cambridge Energy Research Aspectee Eee Eastriment
Japan set to cut oil dependence despite price surge
Tokyo officials and analysts say Japan will maintain its energy strategy despite higher oil costs. They note continued thrusts in conservation and alternative energy sources to reduce oil reliance, with current dependence around 57 percent of energy needs. The government aims to cut oil dependence by about 10 percentage points in 20 years.
MENTIONED IN THIS ARTICLE
U.S
Department of Energy
United States
Europe
Wood
Elihan
Americans For Energy Independence
Energy Department
Congress
Linda Stuntz
Tokyo
Japan
Kuwait
Gulf
Eee
Ned Tata Ara
Iraq
Advisory Committee
For
Trade and Ministry
Cutoff of exports may be complete
International embargo halts Iraqi and Kuwaiti oil exports, removing a major world supply source. Before the invasion, Iraq exported about 2.7 million barrels daily through pipelines and ships. Turkey blocked shipments at Yumurtalık, and Yanbu shipments ended as tankers turned away. Kuwait's output had been over 2 million bpd but was cut to 1.5 million under OPEC quotas. US warships in the Gulf increase pressure, while Saudi and Syrian moves hint at broader disruption to rescue oil markets.
MENTIONED IN THIS ARTICLE
London
Iraq
Kuwait
Geoffrey Pyne
UBS Phillips
Drew
Nicosia
Cyprus
Persian Gulf
Turkey
Saudi
Gulf
Yumurtalik
Mediterranean
U.N. Security Council
Sid Slaitfed
Nesack Seaith
Raebie
Conmid
Yanbu
Red Sea
Saudi Arabia
United States
U.N
Organization of Petroleum Exporting Countries
Ee UN
Hdad
Islam al Pethe
Syria
Banias
Al-Chalabi
Also Mentioned on This Page
International Energy Agency
British Petroleum
Nick Antill
NatWest Woodman
Gulf Nations
Western
Western Europe
France
Germany
F.R
Italy
Netherlands
Spain
United Asia and East
Korea
Philippines
Taiwan
Organization For Economic Cooperation and Development
Asia and
Latin Far East America
Africa
Far East
Oceania
North America
Canada
United Asia and
David Wood
Center For Ever Policy
Massachusetts Institute O Technology
Strategic
Louisiana
Bloomberg Financial Markets, Dept. of Energy
Michael Arndt
Ce Tribune
Bulgaria
Czechoslovakia
Poland
Romania
Council For Mutual Economic Assistance
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