1. Oil Squeeze: Ripples from Iran.
- Subjects
ENERGY shortages ,OIL consumption ,PETROLEUM export & import trade ,IRAN-United States relations ,INTERNATIONAL cooperation in the petroleum industry ,INTERNATIONAL economic relations - Abstract
The article reports on the impact of oilfield strike in Iran in 1979 to other nations. It states that because of the oil shutoff in Iran that rooted from the oilfield strike, the U.S. was put in an unusual situation wherein it had to provide an emergency shipment of gasoline and diesel fuel to the country to cope up with the domestic needs. It says that the nations that rely on the Iranian petroleum imports, such as Japan and Western Europe, would be facing an oil shortage if the country continued to stop the oil flow. Meanwhile, worldwide efforts came up to offset the loss of Iranian oil, like Saudi Arabia, Kuwait and Nigeria's moves to boost their oil production and the decision of oil companies to fill the gap with their inventories being drawn upon.
- Published
- 1979