Word: venezuela
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Dates: during 1990-1999
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...world's oil exporters were suddenly looking at a loss of revenues that could have exceeded $100 billion. That's enough petrodollars to get otherwise reluctant countries to negotiate, including OPEC members Saudi Arabia and Venezuela, and non-OPEC Mexico. Their plan: cut back production to firm prices. And OPEC's tried-and-true remedy may work again. News of a pending deal pulled prices up to almost $17 a barrel last week. The market response indicates confidence that the exporters will make their cuts stick. And if they don't, prices will fall again...
...this is a deal no one wanted to make. Saudi Arabia, the world's largest producer, didn't care to cut production in support of prices only to end up merely making room for others to capture its business. Venezuela, on a high-octane drive to double production within a decade, was not about to cut back unless non-OPEC countries shared the pain.That insistence reflects reality: OPEC accounts for only 55% of total world crude-oil exports. In fact, the second largest exporter is nonmember Norway...
...that they have sufficiently secured their sovereignty. Now what they focus on is revenues. That is why many governments are withdrawing from business and privatizing all or part of their state-owned oil companies. Those that are not are being put on a firm commercial footing. From Algeria to Venezuela, countries that were formerly closed to exploration and production by foreign companies are reopening their doors. This hardly means the disappearance of politics and security issues--the Persian Gulf War demonstrates that--but these are not the day-to-day drivers anymore. So even though OPEC governments meet to ratify...
...Exporting Countries (OPEC) as it meets today in Vienna is not whether to cut production, but how to ensure that the 11 member states and such non-member producers as Norway, Russia and Mexico stick to their agreed cutbacks totaling 1.5 million barrels. Analysts are skeptical over whether Russia, Venezuela, Nigeria and others will avoid the temptation to exceed their new production quotas, which would quickly unravel the agreement -- and even the oil cartel itself. After all, it?s not as if renegades face the prospect of having their legs broken or anything...
...Overproduction and falling demand caused by the Asian economic crisis and the unusually mild winter has sent oil prices plummeting, while cheating has bedeviled OPEC?s attempts to reverse the trend by cutting production. ?Venezuela has been notorious for cheating,? says Baumohl. ?Although in the new agreement they?re going to cut back production by 200,000 barrels a day, they were, in fact, producing 700,000 barrels more than their OPEC quota allowed,? says Baumohl...