Abstract
The relevance of Middle East oil supplies to oil prices in the 1990s needs very little elaboration. If the conventional wisdom which has been prevalent in the industry for the last few years is believed, then as oil demand rises and non-Gulf exports decline, the supply of traded oil from the ‘Big Five’ (Saudi Arabia, Iraq, Iran, Kuwait and the United Arab Emirates [UAE]) will be the main determinant of oil prices in the 1990s. However, even if the conventional wisdom is rejected for whatever reasons (Stevens, 1986), the fact that in 1986 the region accounted for nearly 60 per cent of the world’s proven reserves; 40 per cent of the world’s traded oil and nearly 70 per cent of OPEC’s capacity (BP, 1987; PIW, 1986) clearly illustrates that the Middle East’s future supplies will have a crucial influence on future prices.
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© 1989 David Hawdon
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Stevens, P. (1989). Middle East Oil Supplies in the 1990s. In: Hawdon, D. (eds) Oil Prices in the 1990s. Surrey Energy Economics Centre. Palgrave, London. https://doi.org/10.1007/978-1-349-11126-8_5
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DOI: https://doi.org/10.1007/978-1-349-11126-8_5
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