Iraq and the future of world oil

Middle East Policy

Volumn 7, Issue 4, 2000, Pages 163-173

  Chalabi, Fadhil J ^a  

^a NONE

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EID: 0034364025     PISSN: 10611924     EISSN: None     Source Type: Journal    
DOI: 10.1111/j.1475-4967.2000.tb00189.x     Document Type: Article

References (7)

1. A recent statement from the Oil Ministry of Iraq suggests the partial repair of that terminal, allegedly restoring almost half of its original capacity. The credibility of this statement can be tested only by actual performance. It is to be borne in mind that some such statements are made to serve certain political objectives.
2. From the Al-Bakr deepwater terminal that has been partly rehabilitated to take 1.2 mb/d and also via the Turkish pipeline at the rate of 0.9 mb/d.
3. The effect of price shocks and technological progress on the relationship between economic growth and oil consumption was enormous. Prior to the price shocks, an increase of one unit of GDP entailed more than one percentage point increase in the demand of oil. This high "oil coefficient" factor has now declined with the result that oil demand in the IECD area was decoupled from economic growth. In 1999 combined oil consuption in the OECD (United States, Western Europe, Japan, Canada, Australasia) was only 0.8 mb/d higher than 20 years ago, yet during those years the cumulative economic growth of those countries exceeded 50 percent.
4. BP Amoco Statistical Review, 1999.
5. Non-FSU oil consumption in 1999 was 69.57 mb/d. Ibid.
6. Middle East Economic Survey, Vol. 63, No. 27, July 3, 2000.
7. This new U.N. body for arms inspection has been created to replace the defunct UNSCOM, which ceased practically to exist following the Desert Fox Operation in December 1997, launched by both the U.S. and the U.K.