"This has a lot to do with the unrest in Nigeria, but also with the production loss after the hurricanes in the Gulf of Mexico, the decline in Iraq since the 2003 war, and the decline in Venezuelan output since 2002"

This quote by Daniel Yergin is describing the existing state of the international oil market. He is explaining that the unrest in Nigeria, the production loss after the hurricanes in the Gulf of Mexico, the decrease in Iraq because the 2003 war, and the decrease in Venezuelan output since 2002 have all contributed to the existing state of the international oil market. This is considerable due to the fact that the global oil market is a major factor in the worldwide economy, and these events have had a significant effect on the supply and need of oil. This has actually caused rates to change, and has had a ripple effect on the worldwide economy. Yergin is emphasizing the importance of understanding the present state of the global oil market in order to make educated decisions about the international economy.