The world refining system and the oil products trade

Working paper

The principal feature of the “1990 oil price shock" is that it is a crisis not only of crude oil supplies but also of oil products. The invasion of Kuwait and the subsequent embargo of Iraq and Kuwait have resulted in the loss of between 4.5 and 5.16 mb/d of crude oil supplies (see OIES, The First Oil War, August 1990). In terms of actual product supplies the invasion of Kuwait has only removed between 650 and 750 thousand b/d of combined Kuwaiti and Iraqi export capacity. This represents aro...

Expand abstract

Authors: Seymour, A

• Publication status: Published
• Peer review status: Reviewed (other)
• Publisher: Oxford Institute for Energy Studies Publisher's website
• Series: OIES paper
• Publication date: 1990-01-01
• Paper number: GWO2
• ISBN: 0948061413
• Language: English
• Keywords: supplies; oil markets; demand; Gulf Crisis; refining system; capacity; the First Gulf War; price shock; OIES