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The Oil Market: a Gulf Perspective

In: The Gulf Economies in Transition

Author

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  • Henry T. Azzam

Abstract

OPEC production of crude oil fell from a peak of 31.3 mb/d in 1979 to around 16 mb/d in 1985. The Gulf countries and especially Saudi Arabia bore the brunt of the decline in output. Before picking up in the fourth quarter of 1985, the Kingdom’s daily oil production dropped to around 2.5 million in the second and third quarters of that year, well below its OPEC quota level of 4.35 mb/d (Table 2.1). The decline in the region’s oil revenues had accentuated the financial squeeze in the Gulf and prolonged the economic slowdown started in mid-1983.

Suggested Citation

  • Henry T. Azzam, 1988. "The Oil Market: a Gulf Perspective," Palgrave Macmillan Books, in: The Gulf Economies in Transition, chapter 2, pages 20-32, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-08970-3_2
    DOI: 10.1007/978-1-349-08970-3_2
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