4.
According
to oil
commercial stockpile
totals
industry sources, the current
around 200 million barrels.
Assuming that the
loss in supply is only confined to Iraq
and Kuwait with
production from all other
suppliers
remaining unchanged, this stockpile should be able to
sustain global consumption
end of
September.
This
at the current level up to the
duration would, of course, be
longer if other suppliers do raise their production. After
that, any
individual
shortfall would have to be met by a draw-down of
strategic reserves or, at
consuming countries'
worse, by some means of rationing amongst countries through
such organisations as the International Enerny Anonnu
5.
Most of the oil products consumed in Hong Kong
are imported from Singapore (Table 2). They are oil
products already refined, like gasoline, light diesel oil,
fuel oil, kerosene jet fuel etc. Hence the sources of
supply of crude oil to Singapore are crucial to Hong Kong's
It is estimated that about 45% of this supply
situation.
is from the Middle East, of which no more than 20% is from
Iraq and Kuwait combined, and probably less than 10% from
Iraq alone. The other 55% of the supply is from countries
in East Asia, including Indonesia, Malaysia and China.
Shell and Caltex have confirmed that their refineries in
Singapore do not use crude oil from either Traq or Kuwait
to supply the Hong Kong market.
true of their competitors.
They believe the same is
While it is still possible that