The World Oil Market after the Iraq-Kuwait Crisis: Economic and Politicoeconomic Considerations
作者:
FRANZ WIRL,
期刊:
Energy Sources
(Taylor Available online 1994)
卷期:
Volume 16,
issue 1
页码: 75-88
ISSN:0090-8312
年代: 1994
DOI:10.1080/00908319408909063
出版商: Taylor & Francis Group
关键词: World oil market
数据来源: Taylor
摘要:
The recent crisis in the Gulf (Iraq's temporary annexation of Kuwait) will presumably inflict enormous damage on future oil markets on both sides, consumers and producers. Consumers will be aware of the potential insecurity of the oil supply from the Arab-Persian Gulf ironically, at a time when OPEC members (others than Iraq and Kuwait) stood up to their commitment. The reason for this lack of confidence is that political objectives may dominate conventional economic goals so that the future oil market becomes unpredictable and potentially insecure. As a consequence, consumers may “consewe” even in periods of low oil prices so that billions and billions of (opportunity) dollars might be wasted. Vertical integration may be a way to mitigate this insecurity and to increase the credibility of a reliable supply. Presumably the easiest way to regain some of the consumers' confidence seems to be to again offer the international oil companies larger responsibility for the oil market.
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