OIL SHORTAGE LOOMS IN 4TH QUARTER IF CRISIS CONTINUES

World oil markets face a serious oil supply shortfall in the fourth quarter if the Middle East crisis is not resolved soon. There are ample supplies of strategic stocks to accommodate world demand for oil in the near term. That was an immediate concern in the aftermath of Iraq's blitzkrieg invasion and takeover of Kuwait (OGJ, Aug. 13, p. 17). However, the loss of oil exports from Kuwait and Iraq will mean a shortfall in the Organization of Petroleum Exporting Countries' ability to

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