SAUDI ARAMCO DESCRIBES CRISIS OIL FLOW HIKE

On Aug. 2, 1990, Iraqi forces invaded Kuwait and triggered one of the most severe crises in the world's oil supplies since World War 11. Within a few days of the invasion, Iraqi and Kuwaiti oil exports were embargoed, and almost 4.6 million b/d oil of production was removed from world markets. This shortfall amounted to about 20% of total Organization of Petroleum Exporting Countries production at the time and could have proven disastrous to the world's industrial and financial

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