Update And Outlook - General Summary

World political events that occurred subsequent to yearend 1989 but that bear heavily on the global mineral industry have been of such significance that they cannot be disregarded, and certainly they contribute to any type of "outlook?. However, to write of them simply as "forecasts" in an "outlook" section of this study would be to unjustly pretend to status as prophets. Thus, this section covers events that have occurred not as predictions but rather as history. The section also includes an element with some broad statistical information, but this is included last rather than first for two reasons: the information is subject to considerable re- vision as additional data become available and as preliminary returns are corrected; and the authors view it as less important than the events that govern the statistics. The Near East and the Crisis There.- Of all 1990 political events influencing the world's mineral industry, the Iraqi invasion of Kuwait and the remarkable events that followed this aggression must head the list. The almost immediate imposition of economic sanctions, involving embargoes on shipment of virtually all goods into and out of Iraq, caused severe dislocations in the production and trade of mineral commodities, not only within the region itself, but with a ripple effect, into other world areas as well.