Word: tankersful
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In the past month, the Iraqis have started to make good on their threat, using five French-made Super Etendard fighter planes to fire at vessels carrying Iranian oil, including some owned by Saudi Arabia, an ally of Iraq's, and by other Arab states. Last week, for the...
In addition, many countries maintain strategic reserves. The U.S. alone has 400 million bbl., and the Saudis have at least 60 million bbl. stored on tankers at sea. "For three months," says Fliakos, "we could go on as if nothing had happened." Most experts agree, however, that a closure of...
Iraqi aircraft attacked Iranian forces, which clung tenaciously to Majnoon oilfield. At week's end military officials in Baghdad claimed that Iraqi forces had also destroyed four oil tankers and commercial ships near Kharg Island, the major terminal for Iran's oil exports. Along the border near Basra...
Nonetheless, Saddam Hussein is not sanguine about his country's prospects. Although he started the war in the hope of toppling the Ayatullah, Saddam Hussein has long since learned that his country, which has only one-third the population of Iran, lacks the might to achieve a victory. His...
Saddam Hussein's scare tactics have had some of the effect he wanted. Japan held several of its tankers outside the fighting area until it could find out what was happening. The spot price of oil on the world market rose as much as 600 per bbl. but later...