CRUDE OIL HISTORICAL DEVELOPMENT

Topics: Petroleum, OPEC, Peak oil Pages: 2 (464 words) Published: December 10, 2013
CRUDE OIL HISTORICAL DEVELOPMENT
1990 -, The price of crude oil spiked with the lower production during Kuwaiti invasion by Saddam Hussein forces

1994 - The Gulf War to liberate Kuwait, crude oil prices declined. In 1994, the inflation adjusted oil price reached the lowest level since 1973

The United States economy was strong and the Asian Pacific region was booming which extended into 1997. From 1990 to 1997, world oil consumption increased 6.2 million barrels per day. Declining Russian production contributed to the price recovery.

Between 1997 & 1998, the crude price spiralled downward in response to economic crisis in Asia and increased oil production, OPEC failed to pre-empt such adverse impact. Prices began to recover in early 1999 to above $25 per barrel.

Crude oil prices plummeted in the wake of September 11, 2001 terrorist attacks. Quota reduction by combined OPEC/Non OPEC produced desired effect with oil prices moving into the $25 range by March 2002.

In 2003, The loss of production capacity during military action in Iraq and strikes action in Venezuela was largely responsible for prices in excess of $40-$50 per barrel

2004 - Oil prices reach $49 per barrel in August, due to news that Russia's biggest oil-exporting firm, Yukos, multi-billion-dollar tax debt case In 2008 - U.S. recession the oil price continued to soar to a record high $145.29 on July 3, 2008. In the face of recession and falling petroleum demand the price fell throughout the remainder of the year to the below $40 in December ADVANCEMENT IN TECHNOLOGY

1990s - Introduction of near-bit sensor, which gathers data from just behind the drill bit and transmits it to the surface. 1992 – 4D Seismic technique survey for more precise seismic imaging, allowing oil to be located more precisely. 1993 – Direct Seismic Indicators – used to search for hard to find hydrocarbon deposits 1999 – Radar Imaging for detecting the presence, position and motion of oil deposits 2001 –...
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