Word: petroleum
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Within hours of full-scale warfare between Iraq and Iran, the two countries were out of the oil-exporting business, and the world abruptly lost 7% of its total petroleum supply. If it had to happen, the loss could hardly have come at a better time. For good reason, throughout the West there was a concerted effort to reassure the public. Some oil experts and politicians insisted that there was no cause for panic, that the future was not so desperate as some headlines leaped to suggest, and that the immediate impact of no oil from Iraq and Iran would...
...inventories, there is also considerably less demand because of the global recession. Before the Persian Gulf war, according to British Energy Secretary David Howell, free-world production was exceeding consumption by about 2.5 million bbl. a day. The excess had resulted in a general agreement by the Organization of Petroleum Exporting Countries at their Vienna meeting two weeks ago to slash output by 10%. "My understanding is that the [OPEC] agreement is now on ice," Howell said in Washington last week, meaning that the other OPEC countries would maintain their pre-Vienna output to cover the lack of oil from...
...emergence as black Africa's richest and most powerful nation-and a rising economic force on the world scene. With daily shipments to the U.S. of nearly 1 million bbl. of low-sulfur "sweet" crude oil, Nigeria ranks as the U.S. 's second largest supplier of foreign petroleum (after Saudi Arabia). Nigeria's staggering trade surplus with the U.S. this year is expected to top $11 billion-possibly more than that of any other nation. This week Nigerian President Alhaji Shehu Shagari will arrive in the U.S. to address the United Nations and pay a three...
...relative steadiness in financial markets was based on a widespread belief that the fighting in the Persian Gulf would be of limited duration and would not seriously interrupt or reduce the petroleum flow. The world currently has a comfortable 2 million to 3 million bbl. per day oil-production surplus, and in the short run, other OPEC nations could make up the loss of crude exported by Iran and Iraq...
Data Resources, the Lexington, Mass.-based econometric forecasting firm, estimated last week that an extended shutdown of the 4.9 million bbl. per day production in Iran and Iraq could cause a rise in world oil prices of 50% above its original projections by the end of 1981. Since petroleum prices are extremely sensitive to any long-term reduction in world oil supplies, a shortfall in Iranian and Iraqi crude could hike the contract cost of a barrel of oil from its current $32 to about...