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Article: Soviet crisis prompts oil price surge. (coup d'etat in Soviet Union) (Brief Article)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- August 30, 1991
CopyrightCOPYRIGHT 1991 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Soviet crisis prompts oil price surge
Events in the Soviet Union caused the sharpest movement in oil prices since the end of the war for Kuwait, as the market worried about possible supply shortages. Prices for the benchmark Brent crude rose by almost $2 a barrel to $22.20 on 19 August, the day of the attempted coup. They then fell to below $20 on 21 August when the coup collapsed.
The Soviet Union produced 10.75 million barrels a day (b/d) in the first half of 1991, of which around 1.7 million b/d were exported. Output was down by about 10 per cent on 1990. The price movements showed the extent of concern about the impact of any ...