ABSTRACT
The international community was highly apprehensive at the beginning of 1991 regarding the possible outcome of the Gulf crisis, as the area contained a quarter of the total world oil production, two thirds of the world’s total proven reserves, and about half of the world’s remaining conventionally recoverable crude oil resources. The oil market displayed rare maturity from the very first day of the fighting to the end. Oil prices rose after the termination of hostilities in the Gulf, continuing the trend that was observable in the last week of February as a result of the widely held supposition that Opec would decide to cut production at its Geneva meeting on 11–12 March.
