Oil and the Global Economy After the Cold War Flashcards

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What is meant by the term 'global economy'?

It is the way all countries' trade, jobs and money are linked across the world.

Most cars, lorries, planes and many power stations used oil. Changes in oil supply or price could quickly affect trade and growth in many countries.

Countries such as Saudi Arabia, Iraq and Kuwait hold a large share of the world's known oil and export huge amounts of it to other countries.

OPEC is a group of major oil-exporting countries that works to manage how much oil they produce and to influence world oil prices.

If Saddam Hussein kept Kuwait, he would control more of the world's oil and might raise prices or cut supplies.

They feared Iraq might invade Saudi Arabia too. That would put much more of the world's oil under Saddam's control and harm the world economy.

They were bans on most trade. Iraq could not freely sell its oil, so its economy suffered and it had less power in world oil markets.

It was a scheme started in 1996 that let Iraq sell limited amounts of oil so it could buy food, medicine and other basic goods.

Fuel and transport costs rise. This makes goods more expensive and can cause some businesses to struggle or close.

More demand increased the need for Gulf oil, bringing these states more income and keeping them very important to the world economy.

They hoped such governments would keep oil flowing without major disruption, helping to protect jobs and living standards in their own countries.