Word: venezuela
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Dates: during 1970-1979
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...Caracas, Saudi Arabia and Venezuela pressed for pricing restraint but were effectively countered by profit-hungry producers led by Iran and Libya. They urged an increase to at least $30 per bbl., arguing that anything less would be silly since consuming nations have been willing to pay prices that would have seemed unthinkable a year...
Iran and Libya urged that OPEC adopt the classic market-tightening tactic of cartels: production cutbacks of 5% to 10% that would keep prices high even if demand sags. But several members, including Venezuela, resisted on grounds that production levels are a matter of national sovereignty. Among those opposing the cutbacks was Iraq, which has invested heavily in oil development and is now pumping some 3.7 million bbl. daily, making it OPEC'S second largest producer after Saudi Arabia (9.5 million...
...Saudi move amounted to a startling 33% jump from its previous price of $18 per bbl., to $24, and it means still more inflation for the world. Other so-called OPEC moderates also posted increases. Venezuela, the cartel's fourth largest producer, moved from $20 per bbl. to $24, while Qatar and the United Arab Emirates went from approximately $21.50 to about...
Guevara offered three solutions "The army and the people must let each other alone, as they have done in Venezuela; Bolivia must re-educate the military establishment--although in reality this is too costly; or we will have to take the Costa Rican alternative, and have no army...
Washington had hoped that under Guevara, Bolivia would join with its fellow Andean Group members (Colombia, Venezuela, Peru and Ecuador) to form a pro-democracy bloc in Latin America...